Hapag-Lloyd Increase Q3 2012 Profits

Press Release
Tuesday, November 13, 2012
Colombo Express: Photo credit Hapag Lloyd

Container ship owners Hapag-Lloyd report increased revenue and profits in the third quarter 2012.

Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging. The average freight rate rose year on year by 8% to USD 1,647/TEU. The rate increases initiated by Hapag-Lloyd in the first quarter and implemented in the second quarter had a tangible effect here.

Transport volume in the third quarter amounted to 1.28 million TEU and revenue of EUR 1.765 billion was 15% higher than in the same period last year.

EBITDA for the third quarter was EUR 164.1 million, which represents a year-on-year increase of 56%. Earnings before interest and taxes (adjusted EBIT) more than doubled to EUR 86.6 million (previous year: EUR 36.7 million). This more than made up for the operating losses incurred in the first half of the year. In the third quarter Hapag-Lloyd reported earnings after interest and taxes of EUR 45.6 million (previous year: EUR 9.6 million).

“Given the intense competition and gloomier economic prospects this is a good result. Unfortunately, given the absence of the peak season, we were not able to continue the upward trend in freight rates in the third quarter,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd.

Hapag-Lloyd invested EUR 692.5 million in ships and containers in the first nine months. After the delivery of two new vessels in the third quarter, Hapag-Lloyd’s order book now comprises eight ships of 13,200 TEU each, of which one is due for delivery in November. The order book and planned investment in the container fleet are already fully financed. Hapag-Lloyd holds liquidity (including undrawn credit lines) of more than EUR 650 million. The Group’s equity ratio amounts to 46.3% (as of 30.9).

The company consider that the fourth quarter will be dominated by the intensifying effects of the debt crisis in the eurozone. Liquidity constraints and declining consumer demand mean that retailers and manufacturers are not filling their warehouses but instead reducing their inventories. This noticeably reduces demand for transport services in these markets, especially in southern European countries.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

Container Ships

UN to Start Inspecting Commercial Shipments to Yemen

The United Nations will start inspecting shipments to rebel-held ports in Yemen in a bid to boost commercial imports and enforce an arms embargo, the world body said on Tuesday,

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1006 sec (10 req/sec)