Hapag-Lloyd managing covid consequences, according to HI figures
PROVISIONAL first half revenues for German carrier Hapag-Lloyd show a marked increase in earnings even with the reduced pandemic related volume crash that has blighted the first of this year
PROVISIONAL first half revenues for German carrier Hapag-Lloyd show a marked increase in earnings even with the reduced pandemic related volume crash that has blighted the first of this year.
In spite of the more than 20 per cent decline in cargo volumes in the two major trades out of Asia on the Pacific and to European markets, the container line has managed to push up its rates on an array of services and return an increase in earnings.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amount to approximately EUR1.15 billion (US$1.3 billion) compared to EUR956 million in EBITDA in the first half of 2019. In addition, earnings before interest and taxes (EBIT) were EUR500 million compared to EUR389 million in EBIT last year, said a Hapag-Lloyd statement.
For the whole financial year in 2020, the liner company forecasts of EBITDA of EUR1.7 to EUR2.2 billion and an EBIT of EUR500 million to EUR1.0 billion remains unchanged, according to Container News, Jacksonville.
'Against the background of the still prevailing high risks with regard to the spread of the Covid-19 pandemic and the related economic consequences the forecast is subject to significant uncertainties,' Hapag-Lloyd commented in its announcement.
The final figures for the first half-year 2020 are expected to be published on August 14, according to a company spokesperson.