Shipping major Hapag-Lloyd has significantly improved its operating result for the 2020 financial year, with earnings before interest, taxes, depreciation and amortisation (Ebitda) increasing to more than US$ 3 billion.
This is based on preliminary figures.
Earnings before interest and taxes (Ebit) rose to around $US 1.5 billion. “Both key figures are therefore in line with the most recently published earnings forecast for the 2020 financial year,” according to a statement released today.
“The main drivers of these positive business developments have been improved freight rates and lower bunker prices as well as cost savings of roughly $US 500 million resulting from the successful implementation of the ‘Performance Safeguarding Program’.
The Ebit also includes one-off expenses in Q4 2020 of around $US 140 million, mainly related to fleet optimisation, the statement explains.
Revenues increased in the 2020 financial year by roughly 3%, to $US 14.6 billion. This, the line says, was the result of an improved average freight rate of 1 115 $US/ TEU (2019: 1 072 $US/TEU) whereas transport volumes were slightly below the level of the previous year at 11.8 million TEUs (2019: 12.0 million) or minus 1.6%.
The line will publish its 2020 annual report with the audited financial figures and an outlook for the current financial year on 18 March.