- Result significantly higher than prior-year period
- Transport volume at prior-year level
- Outlook upgraded based on current business performance
- Uncertainties remain due to the war in Ukraine and the COVID-19 pandemic
USD9.5 billion – that is the group profit for Hapag Lloyd as they concluded their financial results for the first half of 2022.
Hapag Lloyd had an EBITDA of USD 10.9 billion, while the EBIT and Group Profit rose to USD 9.9 billion and USD 9.5 billion respectively for the first half of 2022.
“We have benefitted from significantly improved freight rates and look back on an extraordinarily strong business performance on the whole in the first half year. At the same time, a steep rise in all cost categories is putting increased pressure on our unit costs,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
In a press release announcing the results, Hapag Lloyd said “Revenues increased in the first half year of 2022 to USD 18.6 billion (EUR 17 billion). This can mainly be attributed to a much higher average freight rate of 2,855 USD/ TEU (H1 2021: 1,612 USD/ TEU) and a stronger US dollar.”
In the first half of 2022, Hapag Lloyd moved approximately 6 million TEUs which was similar to the past year although their container handling, charter and bunker expenses were considerably higher. Hapag Lloyd cited an example of bunker prices being USD 703 per tonne in H2 2022 compared to USD 421 per tonne in H1 of 2021.
Hapag Lloyd expects the second half year likely to exceed previous expectations and based on this, the Executive Board of Hapag-Lloyd AG raised its earnings forecast for the current financial year on 28 July.
For the 2022 financial year, they are expecting an EBITDA of between USD19.5 – 21.5 billion, an EBIT of between USD17.5 – 19.5 billion. But this forecast remains subject to considerable uncertainty given the war in Ukraine, the ongoing disruptions in the supply chains, and the impacts of the COVID-19 pandemic, warned Hapag Lloyd.
“We are currently seeing the first signs in some trade lanes that spot rates are easing in the market. Nevertheless, we are expecting a strong second half of the year. The currently still strained situation in the global supply chains should improve after this year’s peak season. Our customers can continue to rely on us to do everything in our power to transport their goods to their destination as smoothly as possible. At the same time, we will continue to focus on our quality and sustainability goals as well as on further implementing our Strategy 2023,” Habben Jansen added.
The full report for the first half year of 2022 is available here.