Hapag Lloyd, the fifth biggest container line in the world by market share, saw its revenue rise to US$11.2 billion, an increase of 20.5% in 2018, according to its annual financial results.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) also rose by 12.1% and its transport volume jumped by 21.1% compared to 2017.
— Hapag-Lloyd AG (@HapagLloydAG) February 25, 2019
In a statement, the carrier said the results were at the upper end of the forecast range for the 2018 full financial year.
It credited the increase to higher global transport volumes and steadily improving freight rates in the second half of the years, as well as the successful merger with United Arab Shipping Company (UASC) and the resulting cost synergies.
The positive results come despite continuing global uncertainty brought about by the US-China trade war and Brexit.
However, it is consistent with Drewry’s 2019 forecast, which claimed the shipping industry will remain profitable and strong throughout the year, a story PTI covered.
In January 2019, the Port of Hamburg, where Hapag-Lloyd is based, announced it was making arrangements to limit the damage of a so-called ‘no deal Brexit’, where Britain leaves the EU without agreeing on a new trade deal.