DGAP-News

Hapag-Lloyd with extraordinarily strong start to the year in first quarter

DGAP-News: Hapag-Lloyd AG / Key word(s): Quarter Results/Quarterly / Interim Statement Hapag-Lloyd with extraordinarily strong start to the year in first quarter 12.05.2022 / 07:32 The issuer is solely responsible for the content of this announcement. Hapag-Lloyd with extraordinarily strong start to the year in first quarter

- Result significantly higher than prior-year period

- Transport volume at prior-year level

- Outlook upgraded based on current business performance

Hapag-Lloyd has concluded the first quarter of 2022 with an EBITDA of USD 5.3 billion (EUR 4.7 billion). The EBIT rose to USD 4.8 billion (EUR 4.3 billion), and the Group profit climbed to USD 4.7 billion (EUR 4.2 billion).

“The year has got off to an exceptionally strong start on the whole, and whilst there have been first signs that the market has passed its peak we also expect a strong second quarter,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

Revenues rose in the first quarter of 2022 to USD 9.0 billion (EUR 8.0 billion). This can primarily be attributed to a much higher average freight rate of 2,774 USD/TEU (Q1 2021: 1,509 USD/TEU) and a stronger US dollar.

Many ports are still congested, and hinterland infrastructures are strained, which together is resulting in longer turnaround times for ships and containers. Overall, transport volumes were roughly on a par with the prior-year level, at 3.0 million TEU. The result was impacted by significantly increasing expenses for container handling and a roughly 60 per cent higher average bunker consumption price, which stood at USD 613 per tonne (Q1 2021: 384 USD per tonne) in the first quarter.

Based on the current business performance, the second quarter will exceed earlier expectations. In view of these circumstances, the Executive Board of Hapag-Lloyd AG raised its earnings forecast for the current financial year on 28 April. For the 2022 financial year, an EBITDA in the range of USD 14.5 to 16.5 billion (EUR 13.6 to 15.5 billion) and an EBIT in the range of USD 12.5 to 14.5 billion (EUR 11.7 to 13.6 billion) are now expected. However, this forecast remains subject to considerable uncertainty given the ongoing COVID-19 pandemic and the war in Ukraine.