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Hapag-Lloyd CEO says cutting costs (Reuters)

German shipping company Hapag-Lloyd is cutting costs to cope with a rise in fuel prices that led it to slash full year earnings forecasts last month, its chief executive told shareholders on Tuesday.

“Major cost positions have risen more than initially expected and are pressuring operating margins,” CEO Rolf Habben Jansen said in Hamburg.

“We are responding short-term to this development through forceful cost management and will keep Hapag-Lloyd competitive this way,” he added.

Read more on Reuters.

Source: Reuters
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