Hapag-Lloyd enjoys major earnings boost

Hapag-Lloyd has enjoyed a major earnings boost

Hapag-Lloyd has said it finished the first nine months of 2020 with earnings before interest, taxes, depreciation and amortisation (EBITDA) of more than $2 billion, a 20.4% year-on-year (YoY) increase.

At the same time, earnings before interest and taxes (EBIT) rose to $965 million, surpassing the corresponding 2019’s figure of $722 million. The Group net result improved to $605 million, an increase of $272 million YoY.

At around $10.5 billion after the first nine months of the year, revenues were about 1% below what they were in 2019. This can primarily be attributed to pandemic-related effects, including a double-digit drop in demand in the second quarter and an overall transport volume that was 3.5% lower than the prior-year figure.

“In this nine-month period, we have achieved a good result and strictly managed our costs while at the same time benefiting from improved market conditions in the third quarter,” said Rolf Habben Jansen, CEO, Hapag-Lloyd.

“However, with its increasing number of cases worldwide, the COVID-19 pandemic continues to pose high risks to the logistics industry and the supply chains of our customers. We will stick to our present course, continue to implement our Strategy 2023, and keep a close eye on the well-being of our employees, the needs of our customers and our operating cost.”

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