Adjustments to Marine Fuel Recovery during Corona Situation

The spread of the Corona virus is impacting the global economy and societies as well as all parts of our mutual business with most of our business entities working in crisis mode. Some production sites as well as customers’ administration offices have been closed or scaled down for the next weeks and also Hapag-Lloyd took pre-cautions to protect its employees with most of our commercial teams implementing Business Continuity Planning including working remotely where practical.

Under the prevailing circumstances and with global fuel price fluctuations and uncertainties being far away from normal, we decided to set out any interim adjustments to our already announced reduced Marine Fuel Recovery (MFR) values effective from April 1, 2020 valid for Q2 2020.

We expect and hope for the whole situation to normalize in the course of Q2 2020 and we plan to adjust the MFR values under our normal quarterly review process for Q3 2020 effective July 1, 2020.

Until then we will do our utmost to keep all our operations and services up and running under the presently changed environment.

Thank you very much for your understanding and stay healthy.