Hapag-Lloyd raises its earnings forecast for the current financial year. Although the liner shipping company has earned less than in the previous year, it hopes for an improvement.
Based on preliminary figures, the liner shipping company Hapag-Lloyd generated a consolidated profit (EBITDA) of US$3.8bn in the first nine months. This is less than in the previous year – nevertheless, the Executive Board is now raising its earnings forecast for the 2024 financial year in view of improved freight rates.
In comparison, in the previous year, the Group result fell by around 76% from US$14.6bn (2022) to US$3.4bn, while EBITDA fell from US$16.6bn to just over US$4.5bn. Turnover almost halved from US$28bn to US$15bn. This was due to the significant drop in rates following the boom during the coronavirus pandemic.
Hapag-Lloyd in step with Maersk
Group EBITDA until the end of 2024 is now expected to be in a range of US$4.6 to 5.0bn (previously: US$3.5 to 4.6bn) and Group EBIT in a range of US$2.4 to 2.8bn (previously: US$1.3 to 2.4bn).
Previously, Maersk had already adjusted its earnings forecast for the fourth time this year. The Danish company, which will sail with Hapag-Lloyd in the new “Gemini Cooperation” from February 2025, expects adjusted EBITDA of between US$11 and 11.5bn for the full year. Previously, the forecast was between US$9 and 11bn.
However, in view of the highly volatile development of freight rates and major geopolitical challenges, the forecast is subject to a high degree of uncertainty, according to Hapag-Lloyd. The final business figures for the first nine months will be published on 14 November.
