Hapag-Lloyd Joins the Pack!
German shipping giant Hapag-Lloyd posted a 616.5 per cent year-on-year group profit increase in the first nine months of 2021 to US$6.7 billion drawn on revenues of $17.9 billion, up 70 per cent.
“This significant increase is mainly the result of persistently high demand for container transport with scarce capacities at the same time,” said the company press release. Transport volumes were up three per cent higher than the comparable figure for the previous year, the company said.
Transport expenses also increased 16 per cent in the nine-month period to $8.9 billion due to higher costs for container handling and increased bunker prices, which stood at $452 per tonne in the first nine months.
“Despite all the operational challenges, we achieved an extraordinary strong nine-month result,” said CEO Rolf Habben Jansen. Looking ahead, Hapag-Lloyd expects that earnings momentum will also remain at a high level for the rest of the year and industry pundits agree with the assessment the situation in Ukraine and soaring bunker prices.