Hapag-Lloyd has said its preliminary earnings before interest and taxes (EBIT) rose year-on-year (YoY) from €253 million ($296.4 million) to €350 million ($410 million) in the third quarter, as it became the latest carrier to see a COVID-19 bounce.
Furthermore, it said its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to around €650 million ($761 million) YoY from €554 million ($649 million).
A number of the largest carriers in the world have seen an increase in profits during the COVID-19 pandemic as freight rates have increased and the price of bunker fuel has dropped.
Hapag-Lloyd’s volumes were 3% below, but it insisted it was much better than expected some months ago.
It attributed the increase main drivers to positive business developments, which have been significantly higher demand and respectively higher transport volumes, and rigorous cost and revenue management.
These have been predominately driven by the company´s Performance Safeguarding Program (PSP), which has been set up in the first quarter of 2020.
Chief Executive Officer Rolf Habben Jansen commented: “We have experienced a strong third quarter with a high demand, especially for exports out of Asia.
“Thanks to the positive market development and the wide range of measures we have introduced in recent months, we expect a financial year with results well above our previous forecast.
“Nevertheless the pandemic will remain to be a huge challenge and a major source of uncertainty for the entire logistics industry. Our focus within the next months will stay on the safety and health of our employees, but also on safeguarding the supply chains of our customers.”
The detailed figures of Q3 will be published on 13 November 2020.
