HAMBURG, Nov 13 (Reuters) - German shipper Hapag-Lloyd , in the process of merging with Chilean peer Vapores , said on Thursday it would implement further cost-cutting measures after profits halved in the third quarter.
Tough competition in container shipping has been dragging freight rates lower, prompting Hapag-Lloyd to warn in August that operating profit would be considerably lower this year.
Hapag-Lloyd’s quarterly adjusted earnings before interest and taxes (EBIT) fell to 33.1 million euros from 66.9 million in the year-earlier quarter.
Chief executive Rolf Habben Jansen, who took the helm in July, said he was not satisfied with the result and planned further cost cuts, although the company would also work toward improvements on the sales side. He gave no details of the plans.
Business would remain challenging in 2015, he said. (Reporting by Jan Schwartz; Writing by Jonathan Gould; Editing by Maria Sheahan)