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Source: Hispanic Business
Source: nwLaborPress
Hapag-Lloyd AG said third-quarter profit fell almost 64 percent as Europe’s fourth-largest container-shipping line confronted low peak-season freight rates.
Net income dropped to 16.6 million euros ($22.3 million) from 45.6 million euros a year earlier, the Hamburg-based company said in a statement. The average freight rate declined more than 10 percent to $1,476 per standard container, or TEU, in the quarter.
More at Business Week
[Note: Marubeni, owner of Columbia Grain in Portland, purchased Gavilon, part owner of Kalama Export, in July.]
Marubeni Corp. (8002), a Japanese trading company that closed its biggest takeover of Gavilon Group LLC in July, cut its profit estimate for the U.S. grain collector by almost two-thirds this year.
Due to the continuing impact of last year’s U.S. drought, Gavilon maypost net income of 5.4 billion yen ($55 million) to 5.5 billion yen in the fiscal year ending March 31, Marubeni Chief Financial Officer Yokihiko Matsumura said at a briefing in Tokyo today. Matsumura in August forecast more than 15 billion yen in profit from Gavilon this year, including gains expected from a revaluation of the asset.
“With the ongoing impact from the drought and escalating competition, the margins continue to be bad” and the asset revaluation may now be booked next year, Matsumura said. The U.S. unit should earn 15 billion yen in profit next year, excluding any revaluation gains, he said.
More at Bloomberg
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