The German container line’s cumulative loss for the first six months reached $627.1 million, compared to a profit of $190 million in the first six months of 2008.
First-half revenue totaled $3.14 billion, compared to the previous year’s $4.14 billion.
Average freight rates fell by around 25 percent year-on-year in the second quarter and about 20 percent year-on-year in the first half of 2009.
Container volumes declined by around 17 percent in the second quarter and around 16 percent in the first half of the year as a result of the impact of the global financial and economic crisis.
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Hapag-Lloyd is looking at further lay-offs and cost reductions in staff. However, it's not so easy under German law.
Perhaps the German Government will give them aide, so they won't go bankrupt, as a way to preserve jobs.