Hapag-Lloyd reported a 57 percent decline in group profit at $2 billion for the first quarter ended March 31, 2023 on weak demand and declining freight rates for container transports. "Hapag-Lloyd’s transport volume in the first quarter of financial year 2023 was 2,842 TTEU, 4.9 percent below the prior-year level of 2,987 TTEU," says an official release. The average freight rate declined 28 percent to $1,999/TEU (prior year period: $2,774/TEU) due to weaker demand and normalisation of supply chains, the release added.
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