Hapag-Lloyd Reports 9M Revenue Decrease

157

Hapag-Lloyd has reported a Group EBITDA of €4.2 billion ($4.5 billion) and a Group EBIT of €2.8 billion ($3 billion) for the first nine months (9M) of 2023.

The Group profit was €3.2 billion ($3.4 billion). Due to the dramatic change in market conditions, these results are much lower than the prior-year level.

Decrease in earnings

With the expansion of its terminal operations, the Hapag-Lloyd Group’s commercial activities have been divided for the first time into Liner Shipping and Terminal & Infrastructure sectors.

The EBITDA in the Liner Shipping business fell to €4.1 billion ($4.5 billion) in the first nine months of 2023. The EBIT declined to $3.0 billion (€2.7 billion). Revenues fell to $14.1 billion ($15.2 billion), owing mostly to a reduced average freight rate of $1,604/TEU (9M 2022: $2,938/TEU).

This fell even further in Q3 2023, to $1,312/TEU (Q3 2022: $3,106/TTEU), and was much lower in some trades as compared to the same time the previous year.

Transport volumes, on the other hand, increased somewhat in the third quarter, rising by little under 5 per cent to 3,110 TEU (Q3 2022: 2,975 TTEU).

As a result, the total volumes of 8,916 TTEU in the first nine months of the year were nearly identical to those of the previous year (9 million 2022: 8,987 TTEU).

Transport expenditures fell 11 per cent year-on-year (YoY) to €8.9 billion ($9.6 billion), attributable mostly to the continuous normalisation of global supply chains and a reduced average bunker consumption price of $611 per tonne (9 million 2022: $755/tonne).

In the first nine months of 2023, the Terminal & Infrastructure division generated an EBITDA of €35 million ($38 million) and an EBIT of €27 million ($29 million).

Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe!

Source: Hapag Lloyd

6 COMMENTS

LEAVE A REPLY