German ocean carrier Hapag-Lloyd reported a significant decrease in earnings in the 2023 financial year, while its container volumes saw a slight uptick.
According to preliminary and unaudited figures, the Hamburg-based company’s EBITDA stood at US$4.8 billion, and EBIT experienced a year-on-year decrease to US$2.7 billion.
“This can largely be attributed to lower freight rates resulting from the normalisation of global supply chains,” said Hapag-Lloyd in a statement.
The German carrier’s revenues fell to US$19.4 billion, primarily owing to a lower average freight rate of US$1,500/TEU, while box volumes increased by 0.5% in the previous year to 11.9 million TEUs.
“However, 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,” noted Hapag-Lloyd, which recently announced a new alliance with Maersk Line, effective from February 2025.
The company will publish its 2023 Annual Report with the audited financial figures and an outlook for the current financial year on 14 March.