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International Shipping
Hapag-Lloyd's merger with UASC sees surge in profits and box volumes
Date:2018-11-16 Readers:

HAPAG-LLOYD has posted a group-wide net result of US$14.9 million for the first nine months of the year, representing an increase of 69 per cent compared to the same period a year earlier, after the German shipping line's revenue swelled to $10 billion up from $8 billion for the first three quarters of 2017.

The strong performance was mainly attributed to a 27 per cent increase in container shipping volume from seven million TEU in the first nine months of 2017 to 8.9 million TEU in the same period of 2018, UK's Container Management reported.

According to the company, the increase in transport volume was mainly due to its merger with United Arab Shipping Company (UASC) in May 2017.

The average freight rate dropped to $1,170 per TEU in the first nine months of 2018, down from $1,211/TEU in the same period last year.

"On a pro forma basis and when compared to the combined business of Hapag-Lloyd and UASC in the nine-month period, the transport volume is up 5.5 per cent and the average freight rate is up 1.4 per cent," the company said.

Hapag-Lloyd's CEO Rolf Habben Jansen added: "Higher transport volumes, a better utilisation of our ships and the synergies from the recent merger with UASC have enabled us to partially offset rising operational costs. In addition, the average freight rate improved during the peak season in important trades.

"Despite the persistent upwards pressure on the operational costs in various parts of our business, we remain cautiously optimistic for the rest of the year."

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