Hapag reports EBIT loss of $300mn in Q42023

For the full year 2023, EBIT plunged 85% to $2.7 billion on 48% decline in average freight rate at $1,500/TEU.

Revenues declined 47% to $19.4 billion but transport volumes for 2023 as a whole rose marginally (0.5%) to 11.9 million TEU. The conflict in the Red Sea negatively impacted transport volumes at the end of the year as the rerouting of ships around the Cape of Good Hope extended voyage times.

Hapag-Lloyd and Maersk have signed an agreement for a new long-term operational partnership called the Gemini Cooperation, which will start in February 2025.

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