Hapag-Lloyd in USD 656 million deficit for 2014

The German container carrier booked massive costs in relation to the acquisition of Chilean CSAV, according to the annual report on Friday. "An extremely disappointing year," says CEO.

Photo: Hapag-Lloyd

Germany's Hapag-Lloyd booked a 2014 net deficit of USD 656 million (EUR 603.7 million). The major loss is tied to the acquisition and integration of Chilean CSAV as well as an impairment related to old ships in the carrier's fleet.

The annual report, published Friday morning CET, shows that the container carrier's combined freight volumes grew 7.5 percent in 2014, to a total 5.9 million teu, while the average freight rate, at USD 1,434 per teu, slid 3.2 percent compared to the year before, reports the carrier.

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