Hapag-Lloyd has forecast a better-than-expected business performance in the fourth quarter of 2020 and now believes its earnings before interest taxes, depreciation and amortisation (EBITDA) will reach between $3.14 billion and $3.26 billion in the financial year of 2020.
In November the carrier announced that it had enjoyed a 20.4% EBITDA year-on-year (YoY) increase in the first nine months.
If it does achieve its predicted EBITDA then it would be another sign of container shipping lines performing well throughout the COVID-19 pandemic.
Others, such as A.P. Moller-Maersk, CMA CGM have benefitted from higher freight rates – a consequence of cancelled sailings – and lower fuel prices.
Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd, said: “In the fourth quarter, as well, market demand for container capacities has continued to be surprisingly strong and today we are deploying every available ship.
“Additionally, we are on track with the cost savings from our Performance Safeguarding Program. Given these circumstances, the results of the current financial year will exceed our previous forecasts.
“In light of the global pandemic, we will continue to keep a close eye on the safety and well-being of our employees as well as on our customers’ supply chains – but the continued implementation of our Strategy 2023 will also remain an integral part of our agenda.”