"Although we were able to pick up a bit of tailwind at the beginning of the year, we anticipate that the coronavirus pandemic will have very significant impacts in 2020, beginning in the second quarter," Rolf Habben Jansen, CEO, Hapag-Lloyd, commented.

He furthered, "Our main focuses will continue to be the safety and well-being of our employees as well as the supply chains of our customers. We have taken a wide range of measures designed to save an amount in the mid-triple-digit million range to safeguard our profitability and liquidity. We adjust our service network to the lower demand and seek savings in all cost categories, from terminal, transport, equipment and network costs to overhead."