BAKU, Azerbaijan, August 12. German shipping giant Hapag-Lloyd said the closure of the Strait of Hormuz amid the conflict in the Middle East cost the company around $600 million in the second quarter.
The container shipping company reported a net profit of $83 million, down sharply from $306 million in the same period a year earlier.
Hapag-Lloyd said strong exports from Asia and stronger demand in the United States helped partially offset the financial impact of disruptions in the Middle East.
In its Liner Shipping segment, operating profit fell to $153 million, compared with $167 million a year earlier.
The company attributed the decline to additional expenses related to fuel, insurance, storage, rerouting and inland transportation following the closure of the strategic waterway.
