Hapag-Lloyd’s net profit in the first quarter was US$4.68 billion, an increase of more than 2 times year-on-year

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Hapag-Lloyd attributed the rise in results to high freight rates and a stronger dollar.

Hapag-Lloyd announced its first-quarter results today (May 12), describing itself as “extraordinarily strong”.

During the reporting period, Hapag-Lloyd achieved operating income of US$8.96 billion, a year-on-year increase of 82.6%; earnings before interest, taxes, depreciation and amortization (EBITDA) of US$5.31 billion, a year-on-year increase of 177.9%; earnings before interest and taxes (EBIT) of US$4.79 billion, a year-on-year increase of 211.2%; and net profit of US$4.68 billion, a year-on-year increase of 222.8%.

Hapag-Lloyd's key performance figures for the first quarter

During the reporting period, Hapag-Lloyd's average freight rate reached US$2,774/TEU, compared with US$1,509/TEU in the same period last year, an increase of 83.8%. In addition, the cargo volume remained the same as the same period last year, at 3 million TEU.

Hapag-Lloyd attributed the rise in results to high freight rates and a stronger dollar.

"We have had an exceptionally strong start to the year and despite initial signs that the market has peaked, we still expect a strong second quarter," said CEO Rolf Habben Jansen.

Rolf Habben Jansen, CEO of Hapag-Lloyd

He further analyzed that the global supply chain continues to be under great pressure, but the situation is expected to improve in the second half of the year. Hapag-Lloyd will do its utmost to help customers overcome various difficulties, while continuing to improve service quality and further implement the 2023 strategy.

Based on performance exceeding expectations, Hapag-Lloyd has raised its earnings forecast for 2022. Full-year EBITDA is expected to reach US$14.5 billion to US$16.5 billion, and EBIT is expected to be US$12.5 billion to US$14.5 billion.

However, Hapag-Lloyd also stated that given the ongoing epidemic and the impact of the Russia-Ukraine conflict, this forecast still has great uncertainty.

Original text: https://mp.weixin.qq.com/s/RxL_RirdFehC9vbxUK2ZxQ