Hapag posts 2020 profit up 39.6pc to US$3.1 billion on 3pc revenue hike

GERMAN shipping giant Hapag-Lloyd posted a preliminary 39

31 January 2021 - 19:00
GERMAN shipping giant Hapag-Lloyd posted a preliminary 39.6 per cent year-on-year operating profit (EBITDA) increased to US$3.1 billion in 2020, drawn on revenues of $14.6 billion, up three per cent.

Hamburg-based Hapag-Lloyd will publish its 2020 annual report with the audited financial figures and an outlook for 2021 on March 18.

'The main drivers of these positive business developments have been improved freight rates and lower bunker prices as well as cost savings of roughly $500 million resulting from the successful implementation of the Performance Safeguarding Program,' Hapag-Lloyd said.

Hapag-Lloyd attributed the gain to an increased average freight rate of $1,115 per TEU, up from $1,072 per TEU in 2019.

But total 2020 volumes were down 1.6 per cent to 11.8 million TEU compared to 12 million the year before.

Based on healthy third-quarter results, Hapag-Lloyd had raised its full-year 2020 forecast in October. It said then that it expected EBITDA to come in at $2.8 billion to $3.04 billion and EBIT of $1.28 billion to $1.52 billion.

Said CEO Rolf Habben Jansen: 'The pandemic will remain a huge challenge and a major source of uncertainty for the entire logistics industry.'

In December, Hapag-Lloyd confirmed it had placed a $1 billion order for six ultra large containerships, each with a capacity of more than 23,500 TEU.

The ships, which will be built by Korea's Daewoo Shipbuilding & Marine Engineering, will be delivered between April and December 2023. All six vessels will be deployed on Europe-Asia routes as part of THE Alliance, Hapag-Lloyd's alliance with Yang Ming, HMM and ONE.

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