Hapag-Lloyd Generates Positive Result

Tuesday, November 22, 2011
Hapag-Lloyd generated an operating result (adjusted EBIT) of EUR 36.7 million in the third quarter 2011. This took the operating result for the first nine months of the current financial year to EUR 78.8 million. EBITDA came to approx. EUR 275 million in the first nine month of 2011. Group earnings after interest and taxes (EAT) were also positive in the third quarter at EUR 9.6 million. This made the third quarter the best in the current financial year to date. The positive result was also achieved by consistently pursuing and optimising the cost savings programme that Hapag-Lloyd initiated in 2009.
“We performed very well in a demanding market environment. Hapag-Lloyd's operating result is well above the industry average,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd AG. Economic uncertainty, turbulent foreign exchange markets, tough competition and high bunker prices are currently the defining features of the market and industry environment. “Given the challenging conditions that all liner shipping companies are still facing, our operating result is satisfactory and a clear sign of our strength.”
In the first nine months, Hapag-Lloyd generated positive cash flow from operating activities of EUR 186.8 million (Q3: EUR 41.0 million). Hapag-Lloyd's average freight rate in the first nine months of 2011 was USD 1,540 per TEU, on par with last year's figure of USD 1,547 per TEU. Transport volumes rose by 3.9% to 3.874 million TEU. However, compared with last year, transport expenses increased by more than EUR 333 million, due primarily to the steep rise in bunker prices. This was significant in preventing higher earnings.
In the third quarter of 2011 revenue came to around EUR 1.54 billion, compared with EUR 1.78 billion in the same period a year ago. The revenue of EUR 4.50 billion for the first nine months was down on last year (EUR 4.67 billion). The lower revenue is largely the result of severe exchange rate fluctuations due to the debt crisis in Europe. Expressed in US-Dollar revenue for the nine month period amounted to 6.33 billion USD which was around 3% higher than last year.
Hapag-Lloyd has a very solid balance sheet. With equity of EUR 3.4 billion as of 30.9. Hapag-Lloyd maintained a very strong equity ratio of 52.7%. Gearing of 34.2% is still well below the industry average. Cash of EUR 601 million represents around 10% of total assets (EUR 6.4 billion). In November, the financing and financial debt maturity structure was further optimised, so that Hapag-Lloyd has no elevated borrowing requirements until 2015. This puts Hapag-Lloyd in a strong position for the unchanged challenging market conditions.
 

People & Company News

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

MN100: TPG Marine Enterprises, LLC

The Company: TPG Marine Enterprises, LLC is an operations, logistics and consulting company that specializes in all aspects of cargo movement on the Inland Waterways System.

MN100: R.W. Fernstrum & Company

The Company: R.W. Fernstrum & Company set the standard in marine heat exchangers over 65 years ago, building a reputation focused on innovation. Today, its commitment is to continual improvement,

Finance

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1002 sec (10 req/sec)