Hapag-Lloyd benefits from rising volumes, rates

Hapag-Lloyd benefits from rising volumes, rates    Hapag-Lloyd benefited from rising volumes and freight rates in the first three months of the year.
   The company’s results were reported this week by TUI AG, the German tourism company, which has a 43.33 percent stake in the world’s sixth-largest container fleet.
   TUI said the company had earnings before the deduction of interest, tax and amortization expenses of 13.4 million euro ($16.8 million) in the its second fiscal year quarter, ending March 31, compared to a negative EBITA of 221.7 million euro in the same 2009 period.
   The company had revenue of 1.27 billion euro in the quarter, 13.4 percent more than in 2009.
   TUI said transport volume was up 5 percent and freight rates were 8 percent higher.
   “Positive effects were also caused by the successful implementation
of cost-cutting programs,” the company added.