German ocean carrier Hapag-Lloyd, which came close to collapse during the container shipping slump, earned a record $1.25 billion in 2010 compared with a year earlier loss of $142 million as the global economic recovery boosted cargo volume and freight rates.
The Hamburg-based carrier's earnings before interest and tax totaled $805 million, compared with a $472 million loss in 2009, as revenue surged 39 percent to $8.5 billion.
"Hapag-Lloyd's record financial performance in the fiscal 2010 year is a clear indication of the ability to capitalize on the positive industry dynamics," said chief executive Michael Behrendt.
"As a result of the strong operational performance in combination with the joint effort of all group staff, the company emerged strengthened from the 2009 crisis."
The world's sixth largest carrier increased cargo volume 7 percent to 4.95 million 20-foot equivalent units and average freight rates jumped to $1,569 per TEU from $1,238.
Traffic grew 8 percent on the Atlantic trade to 1.14 million TEUs and 6 percent on Europe-Asia routes to 1.11 million TEUs.
Trans-Pacific cargo volume was 11 percent higher at 1.09 million TEUs and surged 18 percent on Latin American services to 1.08 million TEUs.
Hapag-Lloyd had net debt of $1.56 billion at the end of 2010 and equity increased to $4.75 billion from $3.8 billion at Dec. 31, 2009.
The carrier's owners, TUI and the Albert Ballin consortium, are reported to be planning an initial public offering for Hapag-Lloyd on April 15 with a targeted valuation of between $4.1 billion and $4.8 billion.
Hapag-Lloyd is the third major ocean carrier to report record 2010 results after steep 2009 losses in the past week following the upturn in the container shipping market.
Denmark's Maersk Line, the world's largest carrier, booked a net profit of $2.6 billion and French carrier CMA CGM reported net profit of $1.6 billion.
The Hamburg-based carrier's earnings before interest and tax totaled $805 million, compared with a $472 million loss in 2009, as revenue surged 39 percent to $8.5 billion.
"Hapag-Lloyd's record financial performance in the fiscal 2010 year is a clear indication of the ability to capitalize on the positive industry dynamics," said chief executive Michael Behrendt.
"As a result of the strong operational performance in combination with the joint effort of all group staff, the company emerged strengthened from the 2009 crisis."
The world's sixth largest carrier increased cargo volume 7 percent to 4.95 million 20-foot equivalent units and average freight rates jumped to $1,569 per TEU from $1,238.
Traffic grew 8 percent on the Atlantic trade to 1.14 million TEUs and 6 percent on Europe-Asia routes to 1.11 million TEUs.
Trans-Pacific cargo volume was 11 percent higher at 1.09 million TEUs and surged 18 percent on Latin American services to 1.08 million TEUs.
Hapag-Lloyd had net debt of $1.56 billion at the end of 2010 and equity increased to $4.75 billion from $3.8 billion at Dec. 31, 2009.
The carrier's owners, TUI and the Albert Ballin consortium, are reported to be planning an initial public offering for Hapag-Lloyd on April 15 with a targeted valuation of between $4.1 billion and $4.8 billion.
Hapag-Lloyd is the third major ocean carrier to report record 2010 results after steep 2009 losses in the past week following the upturn in the container shipping market.
Denmark's Maersk Line, the world's largest carrier, booked a net profit of $2.6 billion and French carrier CMA CGM reported net profit of $1.6 billion.