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Container line Hapag-Lloyd raises first-half profit on better freights

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Container line Hapag-Lloyd raises first-half profit on better freights
FILE PHOTO: A Hapag-Lloyd container is pictured at a loading terminal in the port of Hamburg Germany July 26, 2018. REUTERS/Fabian Bimmer   -   Copyright  Fabian Bimmer(Reuters)
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FRANKFURT (Reuters) – German container shipping line Hapag-Lloyd <HLAG.DE> on Wednesday reported a 146 million euro (£134.5 million) net profit in the first half of 2019, up from a year-earlier loss of 101 million euros, citing a 5% increase in freight rates.

Chief Executive Rolf Habben Jansen in a statement confirmed the company’s outlook for 2019, when Hapag-Lloyd expects earnings before interest, tax, depreciation and amortisation (EBITDA) to rise to 1.6 to 2.0 billion euros from 1.138 billion in 2018.

But the CEO noted risks to the global shipping industry – which is still on a consolidation course – from escalating trade tensions between the U.S. and China.

First-half EBITDA came in at 956 million euros after 427 million in comparable 2018.

Freight rates in the first six months increased to $1,071 per twenty foot equivalent unit (TEU) from $1,020 previously.

(Reporting by Vera Eckert; Editing by Michelle Martin)

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