Hapag-Lloyd reports record operating profit of $18.5 billion by 2022

Hapag-Lloyd Reports 2023 Profit despite losses

Hapag-Lloyd reported full-year operating profit (EBIT) of EUR 17.5 billion (USD 18.5 billion) for 2022, by far the largest in the company’s history, after preliminary results showed that the line German weathered the fourth-quarter decline in relatively good market conditions. The full-year result represented a significant increase from the EUR 9.4 billion (USD 11.1 billion) achieved in 2021.

Hapag-Lloyd posted EBIT of EUR 3.3 billion for the last three months of 2022, at the high end of the company’s forecasts.

Compared to the third quarter, EBIT was down 36% qoq, while revenue fell 20% to €7.8bn. The line had previously forecast a possible fall in EBIT of between 30 and 60% for the last three months.

Hapag-Lloyd’s average freight rates fell to USD 2,625 per teu in the fourth quarter, down from USD 3,106 in the third quarter. This gave an average rate of $2,863 for the year as a whole, still 43% higher than in 2021.

Meanwhile, at 2.8 Mteu, extractions in Q4 2022 represented the lowest quarterly figure since Q2 2020. Overall volumes, however, were little changed over the year, at 11.8 Mteu versus 11 .9 Mteu in 2021. The carrier again noted a “significant increase” in costs during the year.

Hapag-Lloyd’s relatively good performance in the fourth quarter partly reflects its commercial exposure with only 37% of capacity dedicated to the main east-west routes. By contrast, ONE, which operates 64% of its fleet in retail, reported a larger drop in profits (see overleaf). Hapag-Lloyd will publish its full audited figures on March 2.

Source: Alphaliner

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