Hapag-Lloyd optimistic for full year after raising 9-month EBIT

Hapag-Lloyd

German shipping group Hapag-Lloyd expects an increase in transport volumes to last for the remainder of 2018 after volume growth and a modest recovery in freight rates helped push operating profits 12 percent higher in the first nine months.

Shipping is only slowly recovering from an oversupply of vessels that plunged the sector into an almost decade-long slump, forcing some players out of business and others to combine forces to seek economies of scale.

“Looking ahead, transport volumes will remain favorable and the peak demand season is carrying on longer this year,” Chief Executive Officer Rolf Habben Jansen told Reuters in a telephone interview.

“We also expect further synergies from the merger with (Arab peer) UASC, better ship utilization and lower unit costs,” he added.

Hamburg-based Hapag-Lloyd deepened cost cuts in the first half when it posted disappointing results, having been set on a better course in 2017 when the merger propelled it into the top five world container firms.

Operating profit before interest and tax (EBIT) amounted to 212.1 million euros after 178.1 million a year earlier in the July-Sept period, and to 300.8 million in the nine months versus 268.8 million.

Net profit in the nine months was 12.5 million euros after 9.1 million in the same 2017 period.

Transport volumes increased by 26.6 percent to 8.9 million twenty foot equivalent units (TEU) in January-September.

Habben Jansen said the peak shipping season this year had started in July/August and was lasting, while in 2017, it had started in May.

Freight rates, on a pro forma basis and when compared to the combined business of Hapag-Lloyd and UASC, were 1.5 percent higher year-on-year in the nine months, Habben Jansen said.

Without the adjustments he cited, they had dropped 3.4 percent to $1,032 per TEU.

High costs of bunker or shipping fuel were major worries, he said. These increased by 31 percent to an average $406 per ton in January-September, driven by high crude oil prices. [O/R]

“I expect oil to remain in a $70-80 per barrel range, therefore there will be no price relief for bunkers,” Habben Jansen said.

Hapag-Lloyd upheld an adjusted June forecast for earnings before interest, tax, depreciation and amortization (EBITDA) coming in between 900 and 1,150 million euros and for EBIT in a target corridor of 200-450 million euros.

Both should be in the upper part of the ranges, it said.

Hapag-Lloyd shares were up 1 percent at 0945 GMT.

[reuters]

LEAVE A COMMENT

Comments (23)

acyclovir for genital herpes

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

real viagra without a doctor prescription

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

generic drug for lumigan

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

naltrexone medication

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

can women take amoxicillin

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

dapoxetine australia

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

amazon ivermectin pour on

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

using ivermectin to treat heartworms

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

vidalista 5mg tablets walmart

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

cheap cialis india

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

hydroxychloroquine coronavirus

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

is vidalista safe to take

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

cephalexin vs amoxicillin dental infection

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

hydroxychloroquine for sjogren’s syndrome

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

best price for generic viagra

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

low cost cialis online

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

vidalista for high blood pressure

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

free online doctor consultation prescription

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

anoro inhaler discount card

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

order priligy online without prescription

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

how can i get hydroxychloroquine

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

viagra 40 pills 99

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

what is the normal dose for vidalista

Hapag-Lloyd optimistic for full year after raising 9-month EBIT | Shipping Herald

×

Comments are closed.