Hapag-Lloyd prevails in adverse market environment
competition, rates/cost increases due to high oil price and weak dollar depressing result of the container line Hapag-Lloyd:
The Hamburg-based shipping group Hapag-Lloyd is operating in an ever more fiercely competitive environment. EBIT came to EUR 42.1million in the first half of 2011 after EUR 218.1 million in the previous annual period. “Profitability was depressed above all by a declining freight rate and significantly higher fuel costs (bunker). At the same time, demand for transport services in Japan declined in the wake of the environmental catastrophe. Moreover, the weak dollar compared with the euro had a negative impact“, the management board announces in a press release.
In the first half of the year, Hapag-Lloyd transported a total of 2.5 million TEU, 3.3 per cent more than in the comparable period of the previous year. The North Atlantic accounted for 582,000 TEU (+ 1.5%), Latin America 559,000 TEU (+ 7.0%), Far East 549,000 TEU (- 2.6%), Trans Pacific 560,000 TEU (+ 8.3%) and Australasia 284,000 TEU (+ 2.9%).
Despite the weaker performance cash flow from operating activities was significantly higher at EUR 145.8 million in the first half of 2011. The equity ratio increased slightly to 53.3 per cent. As of June 30, 2011, Hapag-Lloyd had a workforce of 6,845 persons.
“The industry services forecast continued good growth for container shipping in the medium to long term. In the short term, however, the development of the sector will be influenced by high crude oil prices and pressure on freight rates as a result of tougher competition particularly in the Asia-related trades“, the Hapag-Lloyd headquarters announced.
Quelle: LogEastics
Portal: www.logistik-express.com