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            july 19, 2019

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Indiaexportnews.com

Hapag-Lloyd posts Q1 net profit of US$109m

  14.05.2019    

Transnational German shipping giant Hapag-Lloyd closed the first quarter of 2019 with a net profit of US$109 million, up from a year-earlier loss of $42 million, on the back of higher transport volumes and better freight rates.
Revenues in the first quarter increased from $3.22 billion in the same period last year to $3.47 billion. Transport volume rose 2 per cent to 2.93 million TEU (Q1 2018: 2.86 millionTEU). The average freight rate improved to $1,079 per TEU (Q1 2018: $1,029/TEU), and the result was also positively influenced by a stronger average exchange rate.
In contrast, higher bunker prices of $425 per tonne had a negative impact on the quarterly result (Q1 2018: $372 per tonne).
"Thanks to higher transport volumes, better freight rates and a stronger US dollar, we achieved a good result and got the year off to a very decent start," said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
"We are cautiously optimistic about 2019 despite slightly dampened forecasts for global economic growth and higher fuel prices. Q1 was in line with our expectations and we believe we can make further progress towards our strategic objectives throughout the rest of the year as we continue to roll-out and implement our Strategy 2023," Mr Jansen added.
Growth in the number of containers being moved around the world is likely to deteriorate after US President Donald Trump said he would raise tariffs on Chinese goods.



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