Hapag-Lloyd reports revenue dip in first quarter

Hapag-Lloyd concludes Q1 2024 with $942 million revenue

Hapag-Lloyd has ended the first quarter of 2024 with a Group EBITDA of €868 million ($942 million).

Compared to the same quarter last year, the Group EBIT fell to €365 million ($396 million) and the Group profit fell to €299 million ($325 million).

In the Liner Shipping category, transport volumes climbed by 6.8 per cent to 3 million TEU in Q1 2024, up from 2.8 million in Q1 2023.

Transport expenditures were comparable to the same quarter the previous year, totalling $3.3 billion (EUR 3 billion).

Although expenses increased dramatically as a result of ship rerouting around the Cape of Good Hope, they were largely compensated by proactive cost control.

READ: ­­Hapag-Lloyd to utilise IQAX eBL via GSBN

According to the German shipping company, revenue fell to €4.3 billion ($4.6 billion), mostly due to a reduced average freight rate of 1,359 USD/TEU (Q1 2023: 1,999 USD/TEU).

Compared to the same quarter last year, EBITDA fell to €835 million ($906 million) and EBIT to €348 million ($378 million).

In Q1 2024, the Terminal & Infrastructure division produced EBITDA of €32 million ($35 million) and EBIT of €16 million ($18 million).

READ: Hapag-Lloyd introduces first dry container tracking product

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said: “Even though our results are significantly below the exceptionally strong figures from the previous year owing to the normalisation of supply chains, we are pleased to have got the new year off to a good start.

“The rates stabilised in the first quarter due to the rerouting of ships around the Cape of Good Hope and higher demand for capacity. The numerous new ships that have and will be delivered across the industry in 2024 have been instrumental in keeping the Supply Chains going without too much disruption.

“Going forward, we must keep a close eye on our costs, and we will continue the implementation of our Strategy 2030 – with main focus on our decarbonisation initiatives and our promise to be the undisputed number one for quality for our customers.”

Recently, Hapag-Lloyd partnered with IKEA Supply Chain Operations to decarbonise Hapag-Lloyd container exports from Asia.

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