Hapag-Lloyd hope of 2013 profit fades as Q3 ends with line stuck firmly in the red

By Mike Wackett

The chances of Hapag-Lloyd turning a full-year profit were slipping away fast after the German ocean carrier posted disappointing peak season Q3 net profits of €16.6m, compared with €45.6m in the same period of 2012. For the nine months of 2013, Hapag-Lloyd is still in the red to the tune of €56.1m and, unless its GRIs of 1 November ($1,000 per TEU) and 16 December ($750) hold, it is difficult to see the container line finishing the fourth quarter in the black, let alone posting a profit for the year.

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CN to enhance rail and wheel flaw detection capability

CN is to acquire additional monitoring equipment to enhance its ability for early detection of defects. Jim Vena, CN Executive Vice-President and CEO, said: “We’re stepping up our inspection and detection capabilities. We’ve had a major push in recent years to increase the number and quality of track, wheel and bearings inspections that help prevent accidents. This has positioned us well in the rail industry. With this program, we intend to go further when it comes to safe rail operations.”

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Damco reports Q3 results

Freight forwarder and logistics services provider Damco reported total revenues of USD 836 million for the third quarter of 2013, which is on a par with the previous year’s turnover of USD 838 million in the same quarter. EBIT before Special Items was USD 23 million in this quarter, which compares to USD 34 million in the same period last year. Cash flow from operating activities was USD 30 million, which was largely driven by improvements in working capital.

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