Hapag-Lloyd became the latest of the large carriers to report a significantly lower financial performance in the quarter posting what the investment community is calling a “big miss.” The world’s fifth largest container carrier, however, also painted a bleak picture of the market outlook, lowering its forecast and saying it expects it could be years until the market recovers.
“If spot rates do not recover, we could face some challenging quarters in this subdued market environment,” said Rolf Habben Jansen, CEO of Hapag-Lloyd. Describing what he called a “challenging market,” he told investors that he expected 2024 and potentially after that to remain difficult. Speaking in an interview with Bloomberg he said he was concerned about the next 24 to 36 months saying the markets were likely to remain under significant pressure.
Unlike many others in the industry, Hapag’s challenge is however not with volumes. The company reported a small increase in volumes for the third quarter versus last year and a roughly flat level of volume for the first nine months of 2023 compared to the prior year. Hapag moved over 3.1 million boxes last quarter and more than 8.9 million TEUs so far in 2023.
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