HAMBURG, Germany-headquartered Hapag-Lloyd's earnings have decreased significantly in the fiscal year 2023, with operating profits plunging to US$2.7 billion.
According to Hapag-Lloyd's preliminary and unaudited numbers, Group EBITDA was at $4.8 billion. This is primarily due to decreasing freight prices caused by the normalization of global supply networks, reports London's Port Technology.
Hapag-Lloyd also noted revenues fell to $19.4 billion, mainly due to a reduced average freight rate of $1,500/TEU (2022: $2,863/TEU).
Transport volumes in 2023 increased by 0.5 per cent to 11.9 million TEU (2022: 11.8 million TEU).
However, the Red Sea crisis had a detrimental influence on transport volumes at the end of the year, as ships had to be rerouted around the Cape of Good Hope, which increased trip times.
This month, Hapag-Lloyd suspended its Asia-Red Sea (AR1) service due to the Red Sea crisis.
Meanwhile, the carrier reported a $300 million year-over-year operating loss for the 2023 fourth quarter.
Hapag-Lloyd revealed that it will publish its 2023 Annual Report with the audited financial figures and an outlook for the current financial year on March 14, 2024.
SeaNews Turkey
According to Hapag-Lloyd's preliminary and unaudited numbers, Group EBITDA was at $4.8 billion. This is primarily due to decreasing freight prices caused by the normalization of global supply networks, reports London's Port Technology.
Hapag-Lloyd also noted revenues fell to $19.4 billion, mainly due to a reduced average freight rate of $1,500/TEU (2022: $2,863/TEU).
Transport volumes in 2023 increased by 0.5 per cent to 11.9 million TEU (2022: 11.8 million TEU).
However, the Red Sea crisis had a detrimental influence on transport volumes at the end of the year, as ships had to be rerouted around the Cape of Good Hope, which increased trip times.
This month, Hapag-Lloyd suspended its Asia-Red Sea (AR1) service due to the Red Sea crisis.
Meanwhile, the carrier reported a $300 million year-over-year operating loss for the 2023 fourth quarter.
Hapag-Lloyd revealed that it will publish its 2023 Annual Report with the audited financial figures and an outlook for the current financial year on March 14, 2024.
SeaNews Turkey