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