Hapag Lloyd reported before European market open today (11 May) where net profit
dropped 38% QoQ and 57% YoY. The drop should be expected but fared better than
the liner peers that have reported so far. Hapag Lloyd's average freight rates
fell only 28% YoY versus CCFI's 68% YoY, benefited by Hapag Lloyd's higher mix
in Transatlantic trade, which is not a composite in the CCFI.
Hapag Lloyd EBIT at 31% in 1Q23, is better than all the other peers reported so
far.