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Hapag-Lloyd turns to profit

HAMBURG: Hapag-Lloyd has reported Q3 revenue of €2.1 billion - up from €1.7 billion year-on-year. EBITDA rose from €111.4 million to €197.3 million in the same period to produce a net profit of €3.2 million from a loss of €50.7 million in 2014.

For the first nine months of 2015, the carrier reported revenue of €6.8 billion compared to €4.9 billion year-on-year; EBITDA rose €187.6 million to €690.6 million and net profit was €160.4 million compared to a loss of €224 million for the same period last year. Transport volume rose 28.3 to around 5.6 million TEU in the first nine months of 2015.

The company said the rise in revenue was due largely to the merger with the container shipping activities of CSAV. The average freight rate in the first nine months of 2015 was US$1,260 USD per TEU, 12 percent below the same period of 2014.

Hapag-Lloyd completed an initial public offering on November 06 this year and generated US$300 million that will be invested in new vessels and containers.

"We are satisfied with our results for the first nine months of 2015, given the very challenging market environment", said Hapag-Lloyd CEO Rolf Habben Jansen. "The third quarter proved once more that the merger with CSAV was the right step and that our cost reduction measures are making us competitive. With the proceeds from the IPO, we will be able to invest in the future to further improve efficiency and profitability," he added.

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