Energy costs weighed heavily on the result of Hapag-Lloyd

Hapag-Lloyd’s transport expenses were nearly EUR 750 million higher than last year in the first nine months
 
Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging. The average freight rate rose year on year by 8 per cent to USD 1,647/TEU. Transport volume in the third quarter amounted to 1.28 million TEU and revenue of EUR 1.765 billion was 15 per cent higher than in the same period last year. EBITDA for the third quarter was EUR 164.1 million, which represents a year-on-year increase of 56 per cent. Earnings before interest and taxes (adjusted EBIT) more than doubled to EUR 86.6 million (previous year: EUR 36.7 million). In the third quarter Hapag-Lloyd reported earnings after interest and taxes of EUR 45.6 million (previous year: EUR 9.6 million).
 
“Given the intense competition and gloomier economic prospects this is a good result. Unfortunately, given the absence of the peak season, we were not able to continue the upward trend in freight rates in the third quarter,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd.
 
In the first nine months of the current financial year the average freight rate rose by 2.2 per cent to USD 1,574/TEU and transport volume by 2.3 per cent to 3.96 million TEU. Revenue climbed to EUR 5.16 billion, an increase of 14.6 per cent. EBITDA after nine months was EUR 245 million, with adjusted EBIT of EUR 17.9 million. The group’s net result came to EUR -94.1 million. The sharp rise in energy costs again weighed heavily on the result. Transport expenses, of which bunker is the largest component, were nearly EUR 750 million higher than last year in the first nine months.
 
Hapag-Lloyd invested EUR 692.5 million in ships and containers in the first nine months. After the delivery of two new vessels in the third quarter, the order book now comprises eight ships of 13,200 TEU each, of which one is due for delivery in November. At present the group has around 7,000 employees at 300 sites in 114 countries. The fleet consisted of 146 vessels (of which 81 are charter ships) with a total capacity of 675,000 TEU on 30 September.

Quelle: LogEastics

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