Hapag-Lloyd significantly below previous year’s level in the first half of the year

Hapag-Lloyd closed the first half of 2023 with an EBITDA of 3.8 billion US dollars (3.5 billion euros) and an EBIT of 2.8 billion US dollars (2.6 billion euros). The consolidated net income was 3.1 billion US dollars (2.9 billion euros). These results are significantly below the previous year’s level, as expected.

(Hamburg) The transport volume decreased by 3.4 percent compared to the previous year to 5,807 TTEU (H1 2022: 6,012 TTEU). A key reason for this was the lower demand for container transport in the Far East and European routes to North America. In addition, a significantly lower average freight rate of 1,761 USD/TEU (H1 2022: 2,855 USD/TEU) led to significantly lower revenues of 10.8 billion US dollars (10.0 billion euros). Transport expenses were 6.3 billion US dollars (5.9 billion euros), below the previous year’s level, primarily due to lower costs for standing and storage fees and a lower bunker consumption price of 625 USD/t (H1 2022: 703 USD/t).

“The weaker demand and lower freight rates have a very clear impact on our earnings. In a challenging market environment, we look back on a successful first half of the year, during which we were also able to expand our terminal portfolio and significantly increase our customers’ satisfaction through our focus on quality. In the second half of the year, we will continue to focus on the development of our ‘Strategy 2030’. With this strategy, we will build on our strategic success next year,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

2023 Annual Forecast Remains Unchanged

For the entire year 2023, Hapag-Lloyd confirms its forecast published on March 2. EBITDA is expected to be in a range of 4.3 to 6.5 billion US dollars (4 to 6 billion euros) and EBIT in a range of 2.1 to 4.3 billion US dollars (2 to 4 billion euros). However, the ongoing war in Ukraine, geopolitical uncertainties, persistent inflationary pressure, and high inventory levels pose risks that could negatively impact the forecast.

The financial report for the first half of 2023 in detail

Photo: © Hapag-Lloyd