Red Sea weighs on Hapag-Lloyd 2023 earnings

Hapag-Lloyd releases preliminary business figures for 2023

Hapag-Lloyd’s earnings have decreased significantly in the fiscal year 2023, with operating profits plunging to $2.7 billion.

According to Hapag-Lloyd’s preliminary and unaudited numbers, Group EBITDA was at $4.8 billion. This is primarily due to decreasing freight prices caused by the normalisation of global supply networks.

Hapag-Lloyd also noted revenues fell to $19.4 billion, mainly due to a reduced average freight rate of 1,500 USD/TEU (2022: 2,863 USD/TEU).

READ: Maersk, Hapag-Lloyd enter new shipping alliance

Transport volumes in 2023 increased by 0.5 per cent to 11.9 million TEU (2022: 11.8 million TEU).

However, the Red Sea crisis had a detrimental influence on transport volumes at the end of the year, as ships had to be rerouted around the Cape of Good Hope, which increased trip times.

Hapag-Lloyd revealed that it will publish its 2023 Annual Report with the audited financial figures and an outlook for the current financial year on 14 March 2024.

This month, Hapag-Lloyd suspended its Asia-Red Sea (AR1) service due to the Red Sea crisis.

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