Hapag-Lloyd posted a revenue of €7.7 billion (US$8.11 billion) for 2016, a year-on-year decrease of 12.5%, according to preliminary unaudited results released by the company.

The German shipping line attributed the performance to the average freight rate, which was US$1,036/TEU in 2016 compared to US$1,225/TEU in 2015.

However, Hapag-Lloyd transported 7.6 million TEUs in 2016, 2.7% more than in 2015.

Transport costs fell by 12.3% to €6.4 billion (US$6.7 billion), largely because of an average bunker consumption price of US$210/tonne in 2016 compared to US$312/tonne in 2015 and because of synergies resulting from the integration of Chilean shipping line CSAV.

The final full-year group results for 2016 will be released on March 24, 2017, according to Hapag-Lloyd.