Hapag-Lloyd Booms Thanks to Strong Dollar
Hapag-Lloyd, the world’s fifth-biggest container shipping line by market share, has announced that its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by US$290 million in the first quarter of 2019, thanks largely to stronger transport volumes, freight rates and US dollar.
We have closed the first quarter 2019 with a significantly higher operating profit as Earnings before interest and taxes (EBIT) increased to EUR 214 million (Q1 2018: EUR 51 million).— Hapag-Lloyd AG (@HapagLloydAG) May 9, 2019
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The carrier’s EBITDA was $556 million in the first quarter of 2019, compared with $266 million in 2018 and its revenues also increased by $257 million.
Matthias Korthals, Hapag-Lloyd's Senior Director of Global Procurement, recently spoke to PTI as part of Edition 83
However, despite this, its overall net profit dropped by $42 million. Speaking about the results, Hapag-Lloyd’s CEO Rolf Habben Jansen said: “Thanks to higher transport volumes, better freight rates and a stronger US dollar, we achieved a good result and got the year off to a very decent start.
“We are cautiously optimistic about 2019 despite slightly dampened forecasts for global economic growth and higher fuel prices.
“Q1 was in line with our expectations and we believe we can make further progress towards our strategic objectives throughout the rest of the year as we continue to roll-out and implement our Strategy 2023.”