From Maritime Logistics Professional, October 9:
German container shipping firm Hapag-Lloyd is benefitting from a rebound in transport demand but its chief executive warned about the longer-term impact on economic activity from the coronavirus.
"We see a recovery, which started probably some time in the course of third quarter, and we would expect that to continue going into 2021," chief executive Rolf Habben Jansen said in an embargoed briefing session with journalists held on Thursday.
"But there will be a clear long-term effect on the global economy from COVID-19, which will have an impact on the flow of goods," he added.
The world's number five container line will report nine-month earnings on Nov. 13, having doubled its net profit in the first half of 2020 when it maintained its full-year outlook.
Hapag-Lloyd's profitability was boosted by cost reductions, lower shipping fuel prices than a year ago and recovering demand, especially on Transpacific routes, Habben Jansen said.
A number of banks have been raising their target price for Hapag-Lloyd in recent weeks, citing stronger trends in freight pricing....
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