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Jeremy Nixon: Oil price strains container earnings

The increasing oil price is a major challenge for container carriers' earnings this year, says Jeremy Nixon, head of the large-scale Japanese container merger Ocean Network Express. There are likely weak results underway from some of the major liner companies.

Photo: Ocean Network Express

HAMBURG

German Hapag-Lloyd and Taiwanese carrier Yang Ming are the first of the major container carriers to publish their first quarter results, reporting deficits. According to Jeremy Nixon, CEO of Ocean Network Express (ONE), the reports indicate that the entire industry has had a tough start to the year in terms of freight rates and the spot market.

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