Hapag-Lloyd has reported a Q4 2009 operating loss of $29m, compared to losses of $11.4m a year ago.

The figure represents operating losses of $300m less than Q3 2009, the German ocean container carrier said.

The company has posted a loss of $1bn for 2009 compared to a profit of $285m a year ago.

In the latest quarter, revenue fell by around 28% to $1.56bn from $2.16bn in 2008 due to a 13% drop in cargo volume and a 16% decline in average freight rates year-on-year.