Hapag-Lloyd has concluded the first nine months of 2023 with a Group EBITDA of USD 4.5 billion (EUR 4.2 billion) and a Group EBIT of USD 3.0 billion (EUR 2.8 billion). The Group profit stood at USD 3.4 billion (EUR 3.2 billion). These results are significantly below the prior-year level due to the severe change in market conditions. With the further expansion of its terminal business, the Hapag-Lloyd Group’s business activities have also been split for the first time into Liner Shipping and Terminal & Infrastructure segments.
In the first nine months of 2023, the EBITDA in the Liner Shipping segment decreased to USD 4.5 billion (EUR 4.1 billion). The EBIT fell to USD 3.0 billion (EUR 2.7 billion). Revenues decreased to USD 15.2 billion (EUR 14.1 billion), primarily due to a lower average freight rate of 1,604 USD/TEU (9M 2022: 2,938 USD/TEU). This dropped even further in Q3 2023, to USD 1,312/TEU (Q3 2022: USD 3,106/TEU), and it was much lower in several trades compared to the same period of the prior year. In contrast, the transport volumes improved in the third quarter, rising by just under 5 percent, to 3,110 TTEU (Q3 2022: 2,975 TTEU). As a result, the combined volumes of 8,916 TTEU in the first nine months of the year were almost on a par with those of the prior-year period (9M 2022: 8,987 TTEU).
Transport expenses experienced a year-on-year decrease of 11 percent, to USD 9.6 billion (EUR 8.9 billion), owing in particular to the ongoing normalisation of global supply chains as well as a lower average bunker consumption price of USD 611 per tonne (9M 2022: 755 USD/t).
In the Terminal & Infrastructure segment, an EBITDA of USD 38 million (EUR 35 million) and an EBIT of USD 29 million (EUR 27 million) were achieved in the first nine months of 2023. Since the new segment is still in the process of being formed, it does not reflect the results of a full nine-month period. It comprises Hapag-Lloyd’s stakes in 20 terminals in Europe, Latin America, the United States, India and North Africa as well as other infrastructure participations.
The financial report of the first nine month of 2023 is available here.
For more information:
Nils Haupt
Hapag-Lloyd
Tel.: +49 40 3001 - 2263
Email: Nils.Haupt@hlag.com
Tim Seifert
Tel.: +49 40 3001 - 2291
Email: Tim.Seifert@hlag.com