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Hapag-Lloyd's profit increases by 86 percent

Germany's largest container shipping company Hapag-Lloyd recorded another exceptional year in terms of profit thanks to sharply increased freight prices.

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Hapag-Lloyd's profit increases by 86 percent

Germany's largest container shipping company Hapag-Lloyd recorded another exceptional year in terms of profit thanks to sharply increased freight prices. Earnings before interest and taxes (EBIT) almost doubled last year to 17.5 billion euros, as the traditional shipping company announced on Tuesday based on the first figures. With slightly lower transport volumes, sales rose by 55 percent to 34.5 billion euros. The freight rates that shipping companies charge their customers for transporting their goods increased by an average of 43 percent to almost $2,900 per standard container (TEU). At the same time, however, the disruptions in the supply chains and high inflation caused costs to rise significantly.

It is now becoming apparent that the special boom is waning. The traffic jams in many ports caused by the corona lockdowns in China last year have eased. The ships are running more punctually again and due to the slowing economy there is more cargo space available. By the end of the year, the freight rate had already fallen significantly, Hapag-Lloyd announced. The shipping company intends to publish the final figures and an outlook for the current year on March 2nd. The city of Hamburg has a 13.9 percent stake in Hapag-Lloyd and can again expect a high dividend in line with the net profit.

In the past year, Hapag-Lloyd has primarily used its high profits to acquire stakes in the operating companies of port terminals in Wilhelmshaven, in Egypt, Italy, Chile and most recently in India. Hapag-Lloyd also took over the shipping company Deutsche Afrika- Linien (DAL) in Hamburg last year.

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