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Hapag-Lloyd reports US$4.7 billion profit in first quarter

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HAMBURG : Hapag-Lloyd has achieved “an exceptionally strong start” of the year, according to the company’s CEO Rolf Habben Jansen, who expects a strong second quarter.

The German ocean carrier has concluded the first quarter of 2022 with an EBITDA of US$5.3 billion, EBIT of US$4.8 billion, while the Hapag-Lloyd’s profit climbed to US$4.7 billion and revenues rose to US$9 billion.

The increased revenues can primarily be attributed to a much higher average freight rate of US$2,774/TEU and a stronger US dollar, according to the company.

Meanwhile, the Hamburg-based container line has reported 3 million TEU during the first three months of the year, a result impacted by significantly increasing expenses for container handling and a roughly 60% higher average bunker consumption price, which stood at US$613 per tonne in the first quarter.

Hapag-Lloyd believes that the second quarter will exceed earlier expectations. In view of these circumstances, the executive board of Hapag-Lloyd AG raised its earnings forecast for the current financial year on 28 April. For the 2022 financial year, an EBITDA in the range of US$14.5 to 16.5 billion and an EBIT in the range of US$12.5 to 14.5 billion are now expected.

“Global supply chains continue to be under significant pressure – not least because of the recent measures taken in China in response to Covid-19 outbreaks. This situation is expected to improve in the second half of the year,” Habben Jansen commented.

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