• 2020 May 20 18:07

    Hapag-Lloyd posts results for Q1 2020

    For the first quarter of 2020, Hapag-Lloyd recorded earnings before interest and taxes (EBIT) of USD 176 million (EUR 160 million), which is below the corresponding prior-year figure of USD 243 million (EUR 214 million). The Group net result declined to approximately USD 27 million (EUR 25 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased slightly to USD 517 million (EUR 469 million), Port of Hamburg said in its release.

    “Despite the coronavirus pandemic, we have gotten the year off to a good start. Higher transport volumes and better freight rates have boosted our revenues. The financial result is below the first quarter of the previous year as we faced higher bunker prices after the new IMO 2020 rules on 1 January and we had a significant negative bunker stock valuation after the decline in crude oil prices at the end of the first quarter,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG.

    Revenues increased in the first quarter of 2020 by around 6 percent, to USD 3.7 billion (EUR 3.3 billion). This can primarily be attributed to a 4.3 percent increase in transport volumes, to more than 3 million TEU, and an improved average freight rate of USD 1,094 per TEU. Transport expenses increased by almost 10 percent, disproportionately to revenues, particularly due to higher bunker costs, which increased by USD 98 to USD 523 per tonne as a result of the transition to low-sulphur fuel oil required by the IMO 2020 regulation. This had a negative impact on earnings, as did a devaluation of bunker inventories of around USD 64 million (approximately EUR 58 million) due to the rapid decline in crude oil prices that began at the end of the first quarter.

    Free cashflow was once again clearly positive at USD 302 million (EUR 274 million). At the end of the first quarter, the liquidity reserve stood at approximately USD 1.2 billion (EUR 1.1 billion), thereby remaining at a persistently good level.

    Taking into account the prevailing uncertainties and building on the planned cost cutting measures as well as based on the premise that the pandemic will peak in the second quarter and give way to a gradual recovery in the global economy in the second half of the year, the Executive Board has substantiated its earnings forecast from the start of the year. This means that Hapag-Lloyd still continues to expect EBITDA of EUR 1.7 to 2.2 billion and EBIT of EUR 0.5 to 1.0 billion for the current financial year. However, unless there is a recovery in demand for container transport services earlier and stronger than expected in the market studies cited in the financial report for the first quarter 2020, the upper end of the forecast ranges is barely achievable from today's perspective.

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2020 June 4

18:20 Wärtsilä to supply Europe's most modern simulator for inland shipping training
18:02 Dutch innovative app trains 10,000 process industry workers in Singapore during Covid-19 lockdown
17:47 Singapore Maritime and Ports Authority issues guidelines for crew change
17:25 Gasum performs first LNG bunkering to Heerema’s Sleipnir
17:02 China Merchants Group's emergency working group of the prevention and control of COVID-19 holds 20th meeting
16:34 Throughput of port Vysotsk in 5M’2020 fell by 24.2% Y-o-Y
16:02 Diana Shipping announces time charter contract for m/v G. P. Zafirakis with Koch
15:41 NS Power's crew rescues two people in the Andaman Sea
15:23 RS Rules update: hybrid propulsion
15:02 Grimaldi boosts its Italy-Greece connections
14:32 DNV GL and ABB launch new MOU to advance marine digitalization with a remote signing ceremony
14:02 150 trapped eels rescued at the Port of Gothenburg
13:48 Bunker price are stable at the Far East ports of Russia (graph)
13:31 MSC Mediterranean Shipping Company extends the seasonal blanking programme on its Asia–Europe network
13:01 Wärtsilä offers new remote service to overcome Covid-19 travel restrictions
12:31 DEME to build the Scheldt tunnel
12:03 Havyard presents new design concept for zero-emission sightseeing vessels
11:45 Annual throughput of Murmansk Transport Hub to be raised to 100 million tonnes
11:23 Construction of automated gate complex commences at APM Terminals Aarhus
11:10 Port of Zeebrugge joins the International Port Community Systems Association
10:58 Jiangnan Shipyard and Gabadi teams complete construction of the first LNG tank as part of an LNG-fuelled container ship project
10:57 AS Tallink Grupp Statistics for May 2020
10:33 More departures added for Helsinki-Tallinn route vessel Star from 4 June 2020
10:11 Oil prices go down by 1.48%-2.06%
10:00 CMA CGM cancels Low Sulphur Surcharge from July 1st, 2020
09:52 Russia’s leading shipping companies suggest development of ATB services by the USA example
09:40 PIER71 launches Smart Port Challenge 2020 with New Venture Capital Partners for maritime tech start-ups investments
09:36 MABUX: Bunker market this morning, June 04
09:14 Baltic Dry Index on June 3

2020 June 3

18:25 Russia's Main Department of State Expertise approves construction of operational water area under Obskiy LNG project
18:03 Cargotec’s Kalmar and MacGregor to help drive development of connected automated waterborne transport through participation in AEGIS project
17:46 Rosmorport announced tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
17:24 RF Government approved allocation of RUB 60.5 billion for Russian Railways’ BAM and Transsib projects in 2020
17:02 THE Alliance announces COVID-19 response measures for July, August and September 2020
16:35 Russian Railways CEO says railway link with Murmansk to be restored by June 23
16:11 Transport route to link Quy Nhon Port with Northeast Asia
15:49 Rosatomflot completed escorting Vladimir Voronin gas carrier along the Northern Sea Route
15:33 Fincantieri and ENI extend an agreement in the field of circular economy and decarbonisation
15:01 Austal announces CEO transition
14:33 HHLA handles world’s largest container ship at Burchardkai
14:11 Key players develop emission-free navigation solution for barges
13:32 The CMA CGM Group heads towards carbon neutrality by 2050
13:26 Bunker sales at Vladivostok port in 5M’2020 fell by 27% YoY
13:01 APM Terminals Mobile gains another distribution center
12:31 CMA CGM announces GRR from Asia to East Africa
12:01 Savannah harbor deepening sets precedent with four dredges working simultaneously
11:30 Abu Dhabi Ports launches “SAFEEN FEEDERS” shipping service in response to growing regional and global trade
11:00 EIZO secures LR type approval for maritime monitors via remote survey
10:30 Cargotec completes the ownership change of joint venture in China
10:09 Associations call for accelerating digitalisation of maritime trade and logistics
10:03 Brent Crude Oil price exceeded $40
09:46 DNV GL launches new certification in infection prevention for the maritime industry
09:41 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia
09:16 Baltic Dry Index on June 2
08:45 MABUX: Bunker market this morning, June 03

2020 June 2

18:24 Consortium of Boskalis, Bouygues and Saipem selected for Fecamp Offshore Wind Farm foundations
18:07 Alfaport-Voka, Antwerp Port Authority and Maatschappij Linkerscheldeoever agree to extend payment period for concessions
17:39 About forty ships, boats and vessels of RF Navy's Black Sea Fleet went to sea for training
17:34 Stena Line is now ten years ahead of the international shipping targets for reducing emissions
17:17 Nuclear-powered container carrier Sevmorput returned to Murmansk, its port of registration