After getting the year off to a decent start, shipping major Hapag-Lloyd has somewhat tempered its expectation for the second quarter.
“The corona crisis has become more visible with a very significant impact on transport volumes, which are being countered with financial precautionary measures as part of the Performance Safeguarding Program (PSP),” said a spokesman.
According to the earnings forecast substantiated by the executive board in May, the line will continue to expect EBITDA of EUR 1.7 to 2.2 billion and EBIT of EUR 0.5 to 1.0 billion for the current financial year. “However, unless there is a recovery in demand for container transport services earlier and stronger than expected in the market studies cited in the financial report for the first quarter of 2020, the upper end of the forecast ranges is barely achievable from today's perspective.”
