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Lower freights hit Hapag profits

[ January 30, 2024   //   ]

Hapag-Lloyd recorded a significant decrease in earnings in the 2023 financial year in its preliminary and unaudited figures. Group EBITDA earnings stood at US$ 4.8 billion (€4.5 billion), and the Group EBIT experienced a year-on-year decrease, to $2.7 billion (€ 2.5 billion). This can largely be attributed to lower freight rates resulting from the normalisation of global supply chains.
Revenues decreased to $19.4 billion (€17.9 billion), primarily owing to lower average freight rates. Transport volumes for 2023 as a whole rose by 0.5% to 11.9 million TEU. However, the conflict in the Red Sea negatively impacted volumes at the end of the year, as the rerouting of ships around the Cape of Good Hope extended voyage times.

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