Hapag-Lloyd Doubles Operational Result In First Nine Months
The earnings of Hapag Lloyd before the reduction of interest and taxes have gone up to EUR 643 million in the first nine months of this year.
The increased group net result is EUR 297 million. The earnings before interest, taxes, depreciation, and amortization (EBITDA) have gone above EUR 1.5 billion (9M 2018: EUR 812 million). The increase of EUR 699 million in the EBITDA comprises a positive impact of about EUR 341 million which is due to new reporting standards IFRS 16.
The revenues have increased to about EUR 9.5 million posts in the first nine months of this year. The volume of the transport increased by 1.2 percent to 9,011 TTEU and there was a 4.2 percent increase in the average freight rate taking it to 1,075USD/TEU.
The increase in the transport expense was 3.5 percent particularly because of the little higher average bunker consumption price of USD 425 per tonne and a better average US dollar exchange rate when compared to the euro.
Also read: What Is Bunkering?
“We have achieved a very respectable result after nine months: Despite geopolitical tensions and trade restrictions, we benefitted from higher transport volumes and better freight rates and also kept a close eye on our costs. And the same holds true for our strategic goal of becoming number one for quality,” said Rolf Habben Jansen, Chief Executive Officer (CEO) of Hapag-Lloyd.