Hapag-Lloyd reports record earnings (EBIT) in Q2 2022

Foto: Hapag Lloyd
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Hapag-Lloyd posted record profit “above expectations” in the second quarter, but warned that rising expenses across all categories were putting pressure on unit costs. Hapag-Lloyd records a record €4.8 billion in EBIT, says Alphaliner.

The German airline posted operating profit (EBIT) of €4.8 billion ($4.9 billion) in the second quarter, the highest on record, against revenue of €9 billion, mainly driven by annual and multi-year contracts coming into force in the first trimester and Q2.

During the first half of the year, total revenue increased by 76% to €16.9 billion, while EBIT almost tripled to €9.1 billion.

The line said results would have been even better without rising fuel, container handling and charter costs. Bunker costs increased 67% year-on-year to $703 per tonne, up from $421 per tonne in the first half of 2021.

Average freight rates reached USD 2,855 for the first half, while transport volumes remained around the level of the previous year. On a quarterly basis, Hapag-Lloyd increased both lifts and the average rate per teu in the second quarter compared to the first; see table below left. He said he expected continued growth in transportation volumes in the future.

Hapag-Lloyd has already raised its full-year forecasts, forecasting EBIT in the range of EUR16.3 – EUR18.2 billion, significantly higher than the previous range of EUR11.7 – 13.6 billion. .

Important points:

· With 28% of the world fleet, the order book is now “very significant”. “Over the next 24 months, we clearly see that supply growth will outpace demand growth,” said CEO Rolf Habben Jansen.
· Environmental regulations due to expire next year could eliminate 5% to 10% of fleet capacity in 2023 and 2024, although this is lower than some industry estimates of up to 15%.
· US consumer demand is holding up, with trans-Pacific volumes even growing in the first half of 2022. However, demand has softened in Europe due to economic uncertainty.
· Congestion problems are now firmly focused on the East Coast of the US and Europe, where the problems are due to labor disputes.
· Hapag-Lloyd still expects a weakening of the market during the second half of the year, with the fourth quarter expected to be worse than the third.

Source: Alphaliner

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