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Hapag-Lloyd Q1 2023: good resilience in weaker market environment

Hapag-Lloyd has concluded the first quarter of 2023 with an EBITDA of USD 2.4 billion (EUR 2.2 billion). EBIT decreased to USD 1.9 billion (EUR 1.7 billion) compared to the same quarter last year, and the Group profit was also below the prior-year level, at USD 2 billion (EUR 1.9 billion).

Transport volumes were 4.9 percent lower than in the first quarter of last year, at 2,842 TTEU (Q1 2022: 2,987 TTEU), owing to local destocking and weaker overall global demand. In addition, the lower average freight rate of 1,999 USD/TEU (Q1 2022: 2,774 USD/TEU) was particularly responsible for the decline in revenue, which decreased to USD 6 billion (EUR 5.6 billion). Transport expenses remained at the prior-year level of USD 3.3 billion: The lower transport volumes were accompanied by inflation-related cost increases and a higher bunker consumption price, of USD 645/t (Q1 2022: USD 613/t).

“Despite declining results, we have made a robust start to the current financial year. The market environment has normalised, with corresponding declines in demand and freight rates. This will undoubtedly have an impact on our earnings over the course of the year, so we will be keeping a very close eye on our costs. In addition, we are pressing ahead on further developing our Group’s ‘Strategy 2030’, which will focus on quality and sustainability,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

For the full year 2023, Hapag-Lloyd confirms the forecast it published on 2 March. EBITDA is expected to be in the range of USD 4.3 to 6.5 billion (EUR 4 to 6 billion) and EBIT to be in the range of USD 2.1 to 4.3 billion (EUR 2 to 4 billion). However, the ongoing war in Ukraine, other geopolitical uncertainties and persistent inflationary pressures are creating risks that could negatively impact the forecast.


 Q1 2023Q1 2022Q1 2023 vs. Q1 2022
Transport volume (TTEU)2,8422,987-145
Freight rate (USD/TEU)1,9992,774-775
(USD million)
(USD million)
(USD million)
39%59%– 20 Ppt
31%53%– 22 Ppt
Group profit
(USD million)


 Q1 2023Q1 2022Q1 2023 vs. Q1 2022
(EUR million)
(EUR million)
(EUR million)
Group profit
(EUR million)
Annual average exchange rate (USD/EUR)1.071.12-0.05
End of period exchange rate (USD/EUR)1.091.11-0.02

* In individual cases, rounding differences may occur in the tables for computational reasons.

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