Hapag-Lloyd profit

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German shipping line Hapag-Lloyd reported EBIT of 36.7 million euros for the third quarter taking the operating profit for the first nine months to 78.8m euros.

Hapag-Lloyd’s average freight rate in the first nine months of 2011 was $1,540 per TEU – on par with last year’s figure of $1,547 per TEU.

Transport volumes rose by 3.9 per cent to 3.874 million TEU. However, compared with last year, transport expenses increased by more than EUR 333 million, due primarily to the steep rise in bunker prices. This was significant in preventing higher earnings.

“We performed very well in a demanding market environment. Hapag-Lloyd’s operating result is well above the industry average,” said chairman Michael Behrendt.

“Given the challenging conditions that all liner shipping companies are still facing, our operating result is satisfactory and a clear sign of our strength.”

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