Germany’s Hapag-Lloyd Group generated a lower group profit in the first nine months of 2024 compared to the same period of the previous year. In view of lower freight rates in the first half of the year 2024 and increased transport expenses due to the rerouting of ships around the Cape of Good Hope, these results, Hapag-Lloyd says, are below the prior-year level as expected.
However, stronger demand and higher freight rates in the third quarter led to a significant increase in earnings compared to the previous quarters of 2024, according to Hapag-Lloyd.
Hapag-Lloyd concluded the first nine months of 2024 with a group Ebitda of $3.6bn (€3.3bn).
The group’s Ebit stood at $1.9bn (€1.8bn) and the group profit at $1.8bn (€1.7bn).
Specifically, the group’s Ebitda totalled €3.3bn compared to €4.2bn the same period last year and the group’s Ebit totalled €1.8bn compared to €2.8bn in the same period of 2023.
Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said: “The first nine months of 2024 were marked by unexpectedly strong demand. Despite the tense security situation in the Red Sea and the associated rerouting of ships, we were able to further increase our transport volume compared to the previous year and can look back on a good result overall.
“At the same time, we have commissioned an extensive newbuild program for 24 ships, with which we will further modernize and decarbonize our fleet and thereby secure our long-term competitiveness.
“In addition, we have made good progress in building up our terminal business under the Hanseatic Global Terminals brand.”
In view of the recent higher than expected demand and improved freight rates and despite increased transport expenses, Hapag-Lloyd executive board raised its forecast for the current financial year on October 24, 2024.
The group Ebitda is expected to be in the range of $4.6 to $5bn (€4.2 to €4.6bn) and the group Ebit to be in the range of $2.4 to $2.8bn (€2.2 to €2.6bn).
