Hapag-Lloyd has completed the first quarter 2018 with earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 219.4 million which is an increase compared to the first quarter of the previous year (EUR 135.3 million). The operating result before interest and taxes (EBIT) stood at EUR 53.7 million after three months (first quarter 2017: EUR 7.5 million). The group net result amounted to EUR -34.3 million and thereby EUR 23.8 million over the quarterly result of the previous year (EUR -58.1 million). The figures of the first quarter 2018 include United Arab Shipping Company Ltd (UASC) and can therefore only be compared to a limited extent with the figures of the first quarter 2017 (without UASC).
“We have had a solid start into the current year, but the market environment is challenging. Freight rates have been under pressure, bunker costs and trucking cost in some important markets were up and we faced a weaker US dollar, whereas higher transport volumes and synergies supported the result. We expect a gradual improvement of the market throughout 2018 – but most of that will only hit the books in the second half of the year,” said Mr Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
Revenues amounted to EUR 2.6 billion in the first three months of this year (first quarter 2017: EUR 2.1 billion) and transport volume reached 2,861 TTEU (first quarter 2017: 1,934 TTEU). The average freight rate of $1,029/TEU in the first quarter 2018 (first quarter 2017: $1,056/TEU) reflects the competitive market environment. Earnings were also impacted by a lower average exchange rate of 1.23 USD/EUR (first quarter 2017: 1.07 USD/EUR) and higher bunker prices of $372/tonne in the first three months of 2018 (first quarter 2017: $313/tonne).
