Hapag-Lloyd 2018 profit soars 39.3pc to US$51.9 million, sales up 15pc
GERMAN shipping giant Hapag-Lloyd's 2018 net profit increased 39
GERMAN shipping giant Hapag-Lloyd's 2018 net profit increased 39.3 per cent year on year to EUR46 million (US$51.9 million), drawn on revenues of 11.5 billion, up 15 per cent.
'In the first half of the year, freight rates were below our expectations and bunker prices and costs increased during the year,' said CEO Rolf Habben Jansen.
'In the second half, these effects were partially offset as we benefited from higher global transport volumes, better freight rates and improvements on the cost side. All in all, we are satisfied with the financial results,' he said.
The IMF expects a global economic growth of 3.5 per cent and global trade volume to increase by four per cent, said a company statement.
'Hapag-Lloyd is anticipating a rise in the transport volume in 2019 in line with the general growth of the market. Additionally assuming a lower increase in global transport capacity compared to 2018, Hapag-Lloyd's average freight rate in 2019 is likely to increase slightly.
'Hapag-Lloyd is also expecting the average bunker consumption price in 2019 to be moderately higher compared to the previous year,' it said.
With a fleet of 227 modern containerships and a total transport capacity of 1.6 million TEU, Hapag-Lloyd has 12,800 employees and 407 offices in 128 countries. Hapag-Lloyd has a container capacity of 2.6 million TEU.