Hapag-Lloyd's warning that operating results will be largely in 2018 is "credit negative," according to ratings agency Moody's. But it is no cause for a credit downgrade.
As TradeWinds reported, the German liner operator issued a profit warning last week that rising bunker costs would keep 2018 results largely flat with 2017 results.
It guided results lower due to "an unexpectedly significant and continuing increase in the operational costs," chiefly related to fuel-related bills and charter rates, combined with a slower than expected recovery of freight rates, it said.
