Hapag-Lloyd posts €389 million EBIT for 1H2019

Hapag-Lloyd has concluded the first half of the year 2019 with a significantly higher operating result than in the same period of the previous year, posting earnings before interest and taxes (EBIT) of €389 million (US$435 million) compared to €91 million for the first half of 2018.

The group's net result rose to €146 million (US$163 million) whereas 1H2018 yielded net losses of €101 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to €956 million (US$1.07 billion) from €427 million in 1H2018.

Hapag-Lloyd CEO Rolf Habben Jansen attributed the group's improved financial performance to higher transport volumes, cost control measures, and "slightly better" freight rates.

Revenues increased in the first half year to €6.2 billion (US$6.94 billion) from €5.4 billion, the transport volume rose by two per cent to 5,966 TTEU from 5,848 TTEU, and the average freight rate climbed by five per cent to US$1,071/TEU from US$1,020/TEU. In contrast, higher bunker prices of US$429 per tonne had a negative impact on the result whereas it was only US$385 per tonne for 1H2018.

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