Darwin, August 13: German container shipping giant Hapag-Lloyd reported losses of around $600 million in the second quarter (April–June) due to the closure of the Strait of Hormuz amid the conflict in the Middle East, according to Al Jazeera.
In its financial report published Thursday (August 13), the company said its net profit fell to $83 million in the second quarter of this year, down from $306 million during the same period last year.
Hapag-Lloyd said stronger exports from Asia and increased demand for goods in the United States helped boost revenue to some extent. However, the company was unable to fully offset the losses caused by trade disruptions stemming from the conflict in the Middle East.
Following the closure of the Strait of Hormuz, costs for fuel, insurance, cargo storage, vessel rerouting and land transportation increased significantly. As a result, operating profit in Hapag-Lloyd’s liner shipping division fell from $167 million to $153 million.
Hapag-Lloyd, one of the world’s largest container shipping companies, warned that prolonged disruptions to major waterways such as the Strait of Hormuz could put significant pressure on global supply chains and transportation costs.
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