German shipping group Hapag-Lloyd has recorded a second-quarter (Q2) lossafter soaring fuel costs offset increases in freight rates.
The container group's net loss dropped to €7.3m from the €10.6m reported in 2011, aided by a boost in operating profit of 18 per cent to €30.8m in the three monthsthrough to June.
'High bunker prices in particular cause our expenses toincrease dramatically – they are by far the biggest cost factorfor our business,” CEO Michael Behrendtsaid in the group's results statement. 'Further rate increases are crucial tocompensate for these elevated external costs. The cargo on boardour vessels has to cover the cost of transportation.'
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