Hapag Lloyd: Set for Worst Day Ever After Outlook Cut
Posted by Joseph Keefe
June 29, 2018
Shares in German container shipping company Hapag Lloyd plunged 19 pct, hitting 1-year low, after the company cut its 2018 outlook.
The Company cites "unexpectedly significant" and continuing increase in operational costs, especially with regard to fuel costs and charter rates
Hapg-Lloyd says that these developments cannot be fully offset by already initiated cost saving measures. The firm now sees an EBIT in a range between EUR 200 mln and EUR 450 mln and EBITDA of between EUR 900 mln and EUR 1,150 mln (previous forecast: both clearly increasing).
Additionally, FY 2017 EBIT came in at EUR 411mln, and EBITDA at 1,055 mln.
Separately, Danish rival AP Moeller Maersk also dropped following the news (-6%) to be the second-worst perfomer on Stoxx 600.
