Hapag-Lloyd Sees Earnings Surge in Q4, Bolstering Annual Figures
German shipping giant Hapag-Lloyd has reported a substantial increase in its quarterly earnings, driven by growth in transport volumes and stable freight rates.
According to preliminary figures released by the company on Thursday, earnings before interest, taxes, depreciation, and amortization (EBITDA) soared to €1.3 billion ($1.35 billion) in the fourth quarter of 2023. This represents a significant increase compared to €300 million in the same period of 2022.
Despite macroeconomic headwinds, Hapag-Lloyd attributed the improvement in its financial performance to higher transport volumes. The company's full-year EBITDA rose marginally, reflecting the robust fourth-quarter results combined with a stable average freight rate over the year.
"The strong performance in the fourth quarter was driven by our ongoing focus on operational efficiency and cost optimization," said a company spokesperson. "We are cautiously optimistic about the year ahead, although global economic conditions remain uncertain."