World News
Hapag-Lloyd Saw Small Carried Volumes Gain in 2023 as Profits Slumped
Container line Hapag-Lloyd saw a small gain in its transported volumes last year as profits slumped.
The firm saw EBITDA of $4.8 billion last year, down by 15.6% on the year, while revenues dropped by 17% to $19.4 billion, it said in a results statement this week.
But transported volumes climbed by 0.8% on the year to 11.9 million TEU.
The drop in revenues was "primarily owing to a lower average freight rate of 1,500 USD/TEU (2022: 2,863 USD/TEU)," the company said in the statement.
While the current Red Sea crisis is likely to help the container segment's profitability this year, it ended up delivering a reduction in transported volumes assigned to the 2023 results, the company explained.
"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," the company said.
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