Hapag-Lloyd has once again broken all records, with Q1 results significantly higher than the same period last year.
The line concluded the first quarter with an Ebitda of US$ 5.3 billion. The Ebit rose to US$4.8bn, and the Group profit climbed to US$4.7bn.
“The year has got off to an exceptionally strong start on the whole, and whilst there have been first signs that the market has passed its peak, we also expect a strong second quarter,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
Revenues rose to US$9.0bn, primarily due to a much higher average freight rate of 2 774 US$/TEU (Q1 2021:1509 US$/TEU) and a stronger US dollar.
Many ports are still congested, and hinterland infrastructures are strained, which together are resulting in longer turnaround times for ships and containers. Overall, transport volumes were roughly on a par with last year, at 3.0 million TEUs. The result, says Habben Jansen, was impacted by significantly increasing expenses for container handling and a roughly 60% higher average bunker consumption price, which stood at US$ 613 per tonne (Q1 2021: 384 US$ per tonne) in the first quarter.
Based on the current business performance, the line believes that the second quarter will exceed earlier expectations. As a result, the executive board has raised its earnings forecast for the current financial year.
An Ebitda in the range of US$ 14.5 to 16.5bn and an Ebit in the range of US$ 12.5 to 14.5bn are now expected. However, this forecast remains subject to considerable uncertainty given the ongoing Covid-19 pandemic and the war in Ukraine.
