Hapag Lloyd announces loss for 1st Quarter 2009

Almost no one is making money in international shipping these days. Especially not container carriers.

The announcement of first quarter loss by Hapag Lloyd of 302 Million USD, on revenues of 1.5 Billion USD highlights how bad it is.

A German bank is forecasting what Hapag Lloyd will lose for the year 2009....

Commerzbank, a German bank, has forecast Hapag-Lloyd will lose around $545 million in 2009.

If they already lost 302 Million in the first quarter, I think this forecast is a bit low. One would think the loss would be closer to maybe 700 Million.

click here for complete article from Journal of Commerce