Oil collapse was a welcome help for Hapag-Lloyd

Many feared that container lines would take a massive hit from the coronavirus crisis in the spring. But at German Hapag-Lloyd, the opposite happened. Part of the reason is help from a collapse in oil prices, CEO Rolf Habben Jansen tells ShippingWatch.

Photo: PR-FOTO

The collapse in the oil prices knocked many maritime companies to the ground, but for the world's fifth-largest container shipping line, German Hapag-Lloyd, the collapse came as a welcome help when the coronavirus paralyzed global trade in the spring.

With the drastic plunge in oil prices, fuel prices plunged correspondingly. And this happened at a time when the global fleet had just been instructed to sail on more expensive environmental fuels.

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