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Thursday, 03/02/2022, 08:23 (GMT +7)
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Hapag-Lloyd's profits increase sevenfold in 2021
Preliminary figures from container shipping line Hapag-Lloyd show pre-interest and tax profit of $11.1 billion for the whole of 2021, up sevenfold from $1.5 billion in 2020.
Hapag Lloyd's container vessel
Preliminary data for the fourth quarter from container shipping line Hapag-Lloyd showed EBIT (Earnings Before Interest and Taxes) of $11.1 billion for the whole of 2021, a sevenfold increase from 1.5 billion USD in 2020. Meanwhile, EBITDA (Earning Before Interest, Taxes, Depreciation and Amortization) has been increased 4 times over the same period from 3.1 billion USD in 2020 to 12.8 billion USD in 2021.
Profits increased strongly despite shipping volume remaining stable at 11.9 million TEUs in 2021 compared to 11.8 million in 2020. However, freight rates have increased by nearly 80% from 2020 to in 2021, from 1,115 USD/TEU to 2,003 USD/TEU. This helped increasing revenue to $26.4 billion in 2021 from $14.6 billion in 2020.
“The main drivers of these positive business developments have been significantly improved freight rates resulting from very strong demand for goods exported from Asia. At the same time, the major disruptions in global supply chains have led to a significant increase in transport expenses,” Hapag Lloyd said in a press release.
The margins of the major container lines have benefited from supply chain disruptions as congestion and delays at ports have reduced vessel capacity and disturbed the flow of empty container equipment, resulting in freight rates increased.
Hapag-Lloyd will release its 2021 Annual Report including audited figures and outlook for 2022 on March 10, 2022.
Read more:
- Global supply chain bottlenecks due to lack of containers still remain
- Global supply chain disruption expected through 2022
- Shippers face difficulties while container shipping lines' profits skyrocket
- International container freight rates in 2022 'will be higher than ever before'
Source: Phaata.com (According to SeatradeMaritimes)
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