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Home News Hapag-Lloyd's H1 figures shows company is managing Covid consequences

Hapag-Lloyd’s H1 figures shows company is managing Covid consequences

Provisional first half revenues for German carrier Hapag-Lloyd, show a marked increase in earnings even with the reduced pandemic related volume crash that has blighted the first of this year.

In spite of the more than 20% decline in cargo volumes in the two major trades out of Asia on the Pacific and to European markets, the container line has managed to push up its rates on an array of services and return an increase in earnings.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amount to approximately €1.15 billion (US$1.3 billion) compared to €956 million (US$1.1 billion) in EBITDA in the first half of 2019. In addition, earnings before interest and taxes (EBIT) were €500 million (US$570 million) compared to €389 million (US$444 million) in EBIT last year, said a Hapag-Lloyd statement.

For the whole financial year in 2020, the liner company forecasts EBITDA of €1.7 (US$1.9) to €2.2 (US$2.5) billion and an EBIT of €500 million (US$570 million) to €1.0 billion (US$1.14 billion) remains unchanged.

"Against the background of the still prevailing high risks with regard to the spread of the Covid-19 pandemic and the related economic consequences the forecast is subject to significant uncertainties," Hapag-Lloyd commented in its announcement.

The final figures for the first half-year 2020 are expected to be published on 14 August, according to a company spokesperson.

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