Freight News, Sea

Hapag-Lloyd defies the crisis – for now

[ May 15, 2020   //   ]

Shipping Line  Hapag-Lloyd says 2020 got off to a good start, despite the coronavirus pandemic. Earnings before interest and taxes were US$176 million (€160 million), only somewhat below the corresponding prior-year figure of US$243 million (€214 million). The Group net result declined to approximately US$27 million (E€25 million). Earnings before interest, taxes, depreciation and amortisation decreased slightly to US$517 million (€469 million).
There was a 4.3% increase in transport volumes, to more than 3 million TEU, and an improved average freight rate of US$1,094 per teu, although transport expenses increased by almost 10%, due mainly to higher bunker costs as a result of the transition to low-sulphur fuel.

However, the line anticipates that the pandemic will have very significant impacts from the second quarter of the year. .