Hapag-Lloyd achieved a profit of $4.4 billion in Q1 2022

A container vessel of Hapag-Lloyd (Photo: Hapag-Lloyd)

Hapag-Lloyd CEO Rolf Habben Jansen said Hapag-Lloyd enjoyed "an exceptionally strong start" in Q1 with profits growing more than 300% year-on-year in 2021.

The German shipping line ended the first quarter of 2022 with EBITDA of EUR 4.8 billion, EBIT of EUR 4.3 billion, while Hapag-Lloyd's profit increased to EUR 4.2 billion (USD 4.4 billion) and revenue increased to EUR 8 billion.

The increase in revenue can mainly be attributed to higher average freight rates, at USD 2,774/TEU, and a stronger US dollar, according to Hapag-Lloyd.

In addition, Hapag-Lloyd shipping line reported 3 million TEU throughput in the first three months of the year, a significant increase in container handling costs, and an average fuel price that was about 60% higher, at USD 613/ton during the first quarter.

Hapag-Lloyd believes the second quarter will far exceed previous expectations. In light of that, Hapag-Lloyd AG's management raised its profit forecast for the current financial year on April 28. For fiscal year 2022, EBITDA is in the range of EUR 13.6 to 15.5 billion. and EBIT in the range of EUR 11.7 to 13.6 billion is now expected.

“Global supply chains continue to be under significant pressure – not least because of the recent measures taken in China in response to Covid-19 outbreaks. This situation is expected to improve in the second half of the year,” commented Habben Jansen.

Source: Phaata.com (According to Hapag-Lloyd)

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