Germany’s Hapag-Lloyd saw quarterly profits plunge by nearly $5bn as weaker freight rates continue to erode profitability.
The world’s fifth-largest liner operator saw net profits plummet to $293m for the three months to the end of September — a paltry comparison with the profit of $5.1bn in the same quarter last year.
The numbers could have been worse had volumes not picked up in the three months to the end of September.
