March 2 - Hapag-Lloyd has announced that due to lower average freight rates, revenue decreased to EUR7.7 billion (USD8.1 billion) in 2016, compared to EUR8.8 billion (USD9.2 billion) in 2015.

According to Hapag-Lloyd, freight rates in 2016 fell to USD1,036 per teu compared to USD1,225 per teu in 2015.

Hapag-Lloyd increased transport volumes by 2.7 percent to 7.6 million teu, up from 7.4 million teu in 2015. It claims that transport costs, driven by a lower average bunker consumption price, declined by 12.3 percent to EUR6.4 billion (USD6.7 billion).