Hapag-Lloyd swung to a record operating profit of $361 million in the third quarter from a $253 million loss a year ago on higher cargo volume, soaring freight rates and lower costs.
Germany's biggest container carrier boosted revenue 68.5 percent year-on-year to $2.47 billion in the three months to the end of September from $1.5 billion in the same period in 2009.
The Hamburg-based carrier transported 1.27 million TEUs in the quarter, an increase of 7.6 percent on 1.18 million TEUs shipped a year ago.
Average freight rates surged 43.3 percent to $1,672 per TEU from $1,167 per TEU in the third quarter of 2009.
Average freight rates surged 43.3 percent to $1,672 per TEU from $1,167 per TEU in the third quarter of 2009.
The carrier, which came close to bankruptcy in 2009, made an operating profit of $693 million on revenue of $6.4 billion in the first nine months of the year.
Hapag-Lloyd transported 3.7 million TEUs in the first three quarters, an increase of 235,000 TEUs over the year earlier period.
Hapag-Lloyd transported 3.7 million TEUs in the first three quarters, an increase of 235,000 TEUs over the year earlier period.
Average freight rates in the first nine months climbed 26.7 percent, or $326 to $1,547 per TEU.
TUI which owns 43.3 percent of Hapag-Lloyd said the results pave the way for the disposal of its stake in the carrier.
TUI's stake will increase to 49.8 percent by the end of the year following a refinancing of the carrier which involved converting a hybrid loan into equity.
TUI which owns 43.3 percent of Hapag-Lloyd said the results pave the way for the disposal of its stake in the carrier.
TUI's stake will increase to 49.8 percent by the end of the year following a refinancing of the carrier which involved converting a hybrid loan into equity.