31-08-2017

Hapag-Lloyd shrinks H1 loss to US$55m with increased box volume

Haypaglloyd

Hapag-Lloyd posted a first-half net loss of EUR46.1 million (US$55.6 million), paring heavy losses of EUR142.1 million in the same period a year earlier. It posted a EUR16 million net profit in the second quarter, compared with a EUR99.3 million loss in the same period last year.

Profit before interest and tax (EBIT) in the first six months came to EUR87.3 million, up from a year-earlier loss of EUR39.7 million, the company said in a statement.
Revenue rose by EUR732.8 million to EUR4.5 billion (prior-year period: EUR3.79 billion), which includes EUR199 million from the inclusion of the UASC Group.

The transport volume increased by 14 per cent in the first six months, to 4.22 million TEU, which includes almost 250,000 TEU from UASC-Group. The combined freight rate of $1,056 per TEU is one per cent above the Hapag-Lloyd rate of the first half of 2016.

"The market in container shipping remains challenging, but we have managed to make very good progress in the first half year of 2017," said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

"We improved profitability significantly and the integration of UASC will be largely completed in the third quarter. That will allow us to start capturing synergies very soon after the integration."

For 2017, Hapag-Lloyd expects that its transport volume will increase, bunker cost increased in the first half of 2017 and will remain on that level for the rest of the year, and the average freight rate will be unchanged compared to 2016. EBITDA and EBIT will clearly exceed the previous year's level.

Source: Sea news

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