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            november 19, 2019

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CIBE 2019

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Hapag-Lloyd profit soars 44.5pc


German shipping giant Hapag-Lloyd first half net profit increased 44.5 per cent year on year to EUR146 million (US$162 million), drawn on revenues of EUR6.2 billion, up 14.8 per cent, according to Shipping Gazette.
First half pretax profit (EBIT) increased 327 per cent to EUR389 million during the same period.
"Thanks to higher transport volumes in our core trades, good cost control and slightly better freight rates, we can look back on a good first half year. This also allowed us to redeem additional debt through the early repayment of a senior note," said CEO Rolf Habben Jansen.
Volume rose by two per cent to 5,966 TEU, and the average freight rate grew five per cent to US$1,071 per TEU. In contrast, higher bunker prices of $429 per tonne had a negative impact on the result versus $385 per tonne in the first half of 2018.
Said Mr Jansen: "After a solid first half of 2019, our outlook remains unchanged, even if we have to deal with more trade restrictions and see increasing geopolitical risk, which of course could impact growth."

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