Hapag-Lloyd Begins 2024 Strongly in First Quarter


Hapag-Lloyd AG has reported a positive start to 2024 in its first quarter. The issuer is solely responsible for the content of this announcement. Key highlights include:

  • Stabilisation of demand and rates in the first quarter
  • Refinement of the earnings forecast for 2024
  • Emphasis on cost control and implementation of Strategy 2030

Hapag-Lloyd ended the first quarter of 2024 with a Group EBITDA of USD 942 million (EUR 868 million). Compared to the same quarter of the previous year, the Group EBIT decreased to USD 396 million (EUR 365 million) and the Group profit to USD 325 million (EUR 299 million).

In the Liner Shipping segment, transport volumes for the first quarter of 2024 increased by 6.8 per cent to 3 million TEU (Q1 2023: 2.8 million TEU). Transport expenses remained consistent with the same quarter of the previous year, at USD 3.3 billion (EUR 3 billion). Despite significant cost increases due to the rerouting of ships around the Cape of Good Hope, these were primarily offset by active cost management. Revenues decreased to USD 4.6 billion (EUR 4.3 billion) due to a lower average freight rate of 1,359 USD/TEU (Q1 2023: 1,999 USD/TEU). Compared to the same quarter of the previous year, the EBITDA decreased to USD 906 million (EUR 835 million) and the EBIT to USD 378 million (EUR 348 million).

In the Terminal & Infrastructure segment, an EBITDA of USD 35 million (EUR 32 million) and an EBIT of USD 18 million (EUR 16 million) were achieved in the first quarter of 2024. This new segment was only created in the second half of 2023 and is currently being established. As a result, the figures for the first quarter of 2024 are only comparable with the prior-year figures to a limited extent.

Rolf Habben Jansen, CEO of Hapag-Lloyd AG, stated, "Even though our results are significantly below the exceptionally strong figures from the previous year due to the normalisation of supply chains, we are pleased to have got the new year off to a good start. The rates stabilised in the first quarter due to the rerouting of ships around the Cape of Good Hope and the higher demand for capacity. The numerous new ships that have and will be delivered across the industry in 2024 have been instrumental in keeping the Supply Chains going without too much disruption. Going forward, we must keep a close eye on our costs, and we will continue the implementation of our Strategy 2030 – with focus on our decarbonisation initiatives and our promise to be the undisputed number one for quality for our customers."

Considering the positive business performance in the first quarter of 2024, the Executive Board has refined its forecast for the current financial year, published on March 14 2024. The Group EBITDA is now expected to be USD 2.2 to 3.3 billion (EUR 2 to 3 billion) and the Group EBIT to USD 0 to 1.1 billion (EUR 0 to 1 billion). It is still assumed that a large part of the projected result will be generated in the year's first half. Given the highly volatile development of freight rates and significant geopolitical challenges, this forecast remains subject to a high degree of uncertainty.