Hapag Q1 profit down 57% on lower rates, volumes

Average freight rate declined 28% to $1,999/TEU (Q12022: $2,774/TEU) due to weaker demand and normalisation of supply chains.

While revenue declined 33% to $6 billion, EBITDA dropped 55%to $2.4 billion and EBIT to $1.9 billion compared to the same quarter last year.

The market environment has normalised with corresponding declines in demand and freight rates. This will undoubtedly have an impact on our earnings over the course of the year, so we will be keeping a very close eye on our costs: Rolf Habben Jansen, CEO, Hapag-Lloyd

For the full year 2023, Hapag-Lloyd confirms EBITDA to be in the range of $4.3-6.5 billion and EBIT to be in the range of $2.1-4.3 billion.

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