Hapag-Lloyd: increased volume and revenue in 2012

Hapag-Lloyd achieves positive operating result despite absence of peak season and high energy costs in 2012 financial year
 
Hapag-Lloyd was able to increase the freight rate, transport volume and revenue in the past financial year. Despite the challenging economic environment, the enterprise achieved an EBITDA of EUR 335 million and an EBIT of EUR 26 million in 2012, allowing it to once again do well compared with its industry peers. The average freight rate in 2012 saw a year-on-year increase of 3.2 per cent to USD 1,581/TEU. Transport volume rose by 1.1 per cent to approximately 5.3 million TEU. Revenue reached EUR 6.84 billion and was 12.1 per cent higher than in the previous year also due to exchange rate movements. The group’s net result came to EUR -128 million.
 
The newly rising energy costs, of which bunker is the largest component, burdened the liner shipping sector also in 2012 again. Bunker prices soared to record levels in excess of USD 720/tonne in the first half of 2012. Hapag-Lloyd had to spend 9% more last year with an average bunker price of USD 660/tonne, after a 34% increase the year before. Overall, transport expenses in 2012 were up more than EUR 900 million over the previous year.
 
The marked downturn in the global economy also resulted in unexpectedly low cargo volumes and an absence of the peak season in the second half of the year. Imports in Southern European countries hit by the debt crisis were particularly affected, together with exports from growth drivers such as China, India and Brazil. Peak season surcharges, which represent an important earnings contribution in the liner shipping sector, could not be achieved in key trades in 2012. The rate increases successfully implemented in the first half of the year – amounting to more than 12 per cent between January and July at Hapag-Lloyd – deteriorated again in the second half of the year as a result of weaker demand.
 
“Despite a difficult economic environment, we were able to generate a positive operating result, as we did in 2011. Although this meant that we performed well compared to the rest of the industry, earnings fell short of our expectations and are not satisfactory,” said Michael Behrendt, Chief Executive Officer of Hapag-Lloyd. “Our goal for the current financial year is to achieve a solid improvement in earnings with the help of our already announced rate increases and further cost reductions in order to be able to distribute a dividend again.”
 
Quelle: LogEastics

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