Hapag-Lloyd continues to expect rough seas in container traffic ...Middle East

HAMBURG: Hamburg-based shipping company Hapag-Lloyd expects rough seas in global container transport to continue in the coming quarters, following a slump in profits this year, reported dpa news.Subdued demand, more shipping capacity, and price pressure are expected, according to a presentation by CEO Rolf Habben Jansen on Thursday. The industry’s capacity will exceed demand by 2024, which will make “active cost management” unavoidable, he said.Hapag-Lloyd put the average price for the first nine months of the year at US$1,604 (€1,472) per 20-foot standard container (TEU) - compared with US$2,938 (€2,696) a year earlier. Freight rates fell more sharply than had been expected due to the suppl

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