28 November 2012

[281112.EN.SEA] Expenses Push Hapag-Lloyd Into Loss While Pre-tax Profit Soars 136pc


GERMAN container carrier Hapag-Lloyd has posted a year-on-year net loss of EUR94.1 million (US$119.2 million) because of the "sharp rise" in bunker prices and other expenses in the first nine months of 2012 that did not occur in the first three quarters of last year.

Yet operating profit was up 136 per cent in third quarter to EUR86.6 million year on year, drawn on revenues of EUR1.77 billion, an increase of 15 per cent.

Hapag Lloyd, the world's sixth largest carrier, attributed the robust operating robust performance to an eight per cent rise in average freight rates US$1,647 per TEU.

But company chairman Michael Behrendt warned that the carrier could no longer depend on rising freight rates because of the "absence of the peak season" in 2012.

The carrier said freight rates rose 2.2 per cent to an average of US$1,574 per TEU from January to September and its volume increased 2.3 per cent to 3.96 million TEU.

So its nine-month revenue was up 14.6 per cent to EUR5.16 billion. EBITDA after nine months was EUR245 million.

During the January-September period, Hapag-Lloyd invested EUR692.5 million in ships and containers. The carrier took deliveries of two new vessels in the third quarter, and its orderbook now comprises eight 13,200-TEU ships, of which one is scheduled for delivery in November.

Looking ahead, the carrier said the fourth quarter will be affected by the European debt crisis. It expects to face liquidity constraints and declining consumer demand, especially in south European countries. But it projects that there will be a positive operating result for the full year.

Source : HKSG.

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