Hapag-Lloyd Earnings Gain 60.2% in 'Extraordinarily Strong' 2022

by Ship & Bunker News Team
Tuesday January 31, 2023

Container line Hapag-Lloyd saw a 60.2% jump in its earnings last year as the boxship market continued to show abnormal strength. 

The firm saw EBITDA of $20.5 billion in 2022, up from $12.8 billion the previous year, it said in a preliminary earnings release on Tuesday. The firm's average freight rate jumped by 37.9% on the year to $2,683/TEU, while transported volumes slipped by 0.8% to 11.8 million TEU.

The firm characterised its performance of the year as 'extraordinarily strong'. 

"On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary – with an EBITDA of USD 20.5 billion (EUR 19.4 billion)," the company said in the statement.

"The EBIT rose to USD 18.5 billion (EUR 17.5 billion), which can primarily be attributed to higher freight rates.

"At the same time, disruptions in global supply chains and inflation have led to a significant increase in costs.

"However, already by the end of the year, the freight rate had significantly come back down as congestion eased and demand declined."

Hapag-Lloyd is the world's fifth-largest container line by capacity, and has a fleet of 252 boxships.