Hapag-Lloyd announces strong start to 2022


Hapag-Lloyd has concluded the first quarter of 2022 with an EBITDA of $5.3bn (€4.7bn). The EBIT rose to $4.8bn (€4.3bn), and the Group profit climbed to $4.7bn (€4.2bn). This is a large year-on-year growth, with profit up 222%, from a 2021 figure of $1.45bn (€965m). These results continue its trend following a strong 2021.

Revenues rose in the first quarter of 2022 to $9.0bn (€8.0bn). This can primarily be attributed to a much higher average freight rate of 2,774 $/TEU (Q1 2021: 1,509 $/TEU) and a stronger US dollar.

Many ports are still congested, and hinterland infrastructures are strained, which together is resulting in longer turnaround times for ships and containers. Overall, transport volumes were roughly on a par with the prior-year level, at 3.0m TEU. The result was impacted by significantly increasing expenses for container handling and a roughly 60 per cent higher average bunker consumption price, which stood at 613 $/tonne (Q1 2021: 384 $/tonne) in Q1.

The company outlook has been upgraded based on current business performance. Based on the current business performance, the second quarter will exceed earlier expectations. In view of these circumstances, the Executive Board of Hapag-Lloyd AG raised its earnings forecast for the current financial year on 28 April. For the 2022 financial year, an EBITDA in the range of $14.5bn to $16.5bn (€13.6 to €15.5bn) and an EBIT in the range of $12.5 to $14.5bn (€11.7 to €13.6bn) are now expected. However, this forecast remains subject to considerable uncertainty given the ongoing COVID-19 pandemic and the war in Ukraine.

Source: Hapag-Lloyd