German container shipping group Hapag-Lloyd reported higher third-quarter profit as freight rates increased and transport volume remained broadly flat. Net profit reached 999 million dollars. The quarterly improvement left nine-month net profit below the previous year’s level. Management retained the annual earnings guidance it had raised on the preceding day.
German container shipping company Hapag-Lloyd reported higher profit in the third quarter.[1], [2]
Net income climbed from 172 million dollars to 999 million dollars, while revenue increased from 5.460 billion dollars to 6.883 billion dollars. Earnings before interest and tax reached 1.085 billion dollars, compared with 228 million dollars in the same quarter a year earlier.[1]
Average freight rates reached 1808 dollars per standard container unit. The unit measures the equivalent of a twenty-foot container. Transport volume was broadly unchanged from a year earlier. Terminal and infrastructure revenue rose from 131 million dollars to 197 million dollars; that business increased earnings before interest and tax from 9 million dollars to 34 million dollars.[1]
For the first nine months, revenue increased from 16.049 billion dollars to 17.641 billion dollars, although net profit fell from 946 million dollars to 827 million dollars. Management retained the annual guidance raised on 11 November. It targets earnings before interest, tax, depreciation and amortisation of 4.6–5 billion dollars and earnings before interest and tax of 2–2.4 billion dollars.[1]
