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Hapag-Lloyd Q3 profit down 64% on weak freight rates

Long haul: The irrational behaviour that once again caused rates to drop drastically 'is totally incomprehensible', says Mr Behrendt. - BLOOMBERG FILE PHOTO

[HAMBURG] Hapag-Lloyd has said that third-quarter profit fell almost 64 per cent as Europe's fourth-largest container-shipping line confronted low peak-season freight rates.

Net income dropped to 16.6 million euros (S$27.8 million) from 45.6 million euros a year earlier, the Hamburg-based...