![]() “We had a good start to the year, then the pandemic hit us late Q1/early Q2 with a massive decline of volumes. The average freight rate for the full year was up 4% from $1,072 per TEU in 2019 to $1,115 in 2020. The cargo surge of the third and fourth quarters was not the case in Q2, when “transport volumes plummeted” and full-year transport volumes were down 1.6% from 12 million twenty-foot equivalent units (TEUs) in 2019 to 11.8 million TEUs in 2020.ĭespite the revenue surge of the third and fourth quarters, full-year revenue was up only 3.3%, from $14.11 billion in 2019 to $14.57 billion in 2020. Hapag-Lloyd said the main drivers of the “improved” results were cost savings of more than $500 million as well as “slightly improved freight rates and lower bunker prices.” Earnings before interest and taxes (EBIT) took a 65.3% leap from $908 million in 2019 to $1.5 billion in 2020. The figures were not surprising as they were in line with the preliminary numbers released in January, but they reinforced just how good the second-half performance was for the world’s ocean container carriers.įull-year 2020 earnings before interest, taxes, depreciation and amortization (EBITDA) were $3.08 billion, a 38.6% hike from the $2.23 billion posted in 2019. “2020 has been exceptional, with stellar performance in the industry,” Chief Financial Officer Mark Frese said during Hapag-Lloyd’s presentation of its 2020 annual report with audited financial figures on a call Thursday morning. Hapag-Lloyd Group’s 2020 net profit was up a staggering 155.4% to $1.06 billion from $418 million the previous year.
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