Container shipping giant Hapag-Lloyd reported a threefold rise in 2017 pre-tax profit to €411m ($505m), due largely to a merger with United Arab Shipping Company. The German company said it had been able to increase its earnings by more than 50% from the previous year, thanks mainly to higher volumes of container traffic and lower fuel costs.
Container shipping giant Hapag-Lloyd reported a threefold rise in 2017 pre-tax profit to €411m ($505m), due largely to a merger with United Arab Shipping Company. The German carrier also benefited from improved freight rates and a 29% surge in container transport volumes.