Hapag-Lloyd posts results for first three quarters of 2024
Hapag-Lloyd concluded the first nine months of 2024 with a Group EBITDA of USD 3.6 billion (EUR 3.3 billion). The Group EBIT stood at USD 1.9 billion (EUR 1.8 billion) and the Group profit at USD 1.8 billion (EUR 1.7 billion), according to the company's release. 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 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.
In the Liner Shipping segment, the transport volumes increased in the first nine months of 2024 by 5 percent compared to the prior-year period, to 9.3 million TEU (9M 2023: 8.9 million TEU). Segment revenues fell by 2 percent, to USD 15,0 billion (EUR 13.8 billion), in particular due to a lower average freight rate of USD 1,467/TEU compared to the same period last year (9M 2023: USD 1,604/TEU). The EBITDA decreased to USD 3.5 billion (EUR 3.2 billion). The EBIT fell to USD 1.9 billion (EUR 1.7 billion).
The Terminals & Infrastructure segment recorded a significant increase in sales and earnings in the first nine months of 2024. The EBITDA rose to USD 114 million (EUR 105 million) and the EBIT to USD 56 million (EUR 51 million). Since the segment was founded in the second half of 2023, the results are only comparable with the prior-year figures to a limited extent.
In view of the recent higher-than-expected demand and improved freight rates – and despite increased transport expenses – the 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 USD 4.6 to 5.0 billion (EUR 4.2 to 4.6 billion) and the Group EBIT to be in the range of USD 2.4 to 2.8 billion (EUR 2.2 to 2.6 billion). Given the highly volatile development of freight rates and persistent major geopolitical challenges, this forecast remains subject to uncertainty.
With a fleet of 292 modern container ships and a total transport capacity of 2.3 million TEU, Hapag-Lloyd is one of the world’s leading liner shipping companies. In the Liner Shipping segment, the company has around 13,700 employees and 399 offices in 139 countries. Hapag-Lloyd has a container capacity of 3.4 million TEU – including one of the largest and most modern fleets of reefer containers. A total of 113 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. In the Terminal & Infrastructure segment, Hapag-Lloyd has equity stakes in 20 terminals in Europe, Latin America, the United States, India and North Africa. 3,000 employees are assigned to the Terminal & Infrastructure segment and provide complementary logistics services at selected locations in addition to the terminal activities.
