GERMANY's biggest carrier, Hapag-Lloyd, the world's fourth largest container shipping company, posted a 4.1 per cent year-on-year increase in 2011 operating profit (EBIT) of EUR101 million (US$133 million), drawn on 1.6 per cent less revenue that totalled EUR1.5 billion.

In 2011, Hapag-Lloyd throughput increased 5.1 per cent year on year to 5.2 million TEU, while the average freight rate remained unchanged at US$1,532 per TEU from 2010's average of $1,569 per TEU.

"Hapag-Lloyd was able to achieve a positive result in the fourth quarter too, as it already had in the preceding quarters. We also achieved our primary goal for 2011 of generating an operating profit," said a company statement.

Said Hapag-Lloyd chairman Michael Behrendt: "Considering how unfavourable the market environment was, this result sends out a strong message and once again reinforces the fact that Hapag-Lloyd is one of the most successful liner shipping companies."

"EBITDA (Earnings before interest, taxes, depreciation and amortisation) came to EUR367 million. Net debt came to EUR1.2 billion, slightly more year on year at EUR1.1 billion, despite considerable capital expenditure of some EUR262 million, in particular for containers and prepayments on newbuildings," said the company statement.

"Hapag-Lloyd has secured long-term financing for its order book and had a liquidity reserve of EUR750 million at the end of the year.

At the end of the last financial year, the company had 6,873 employees and was operating 149 ships with a total capacity of 679,000 TEU.