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Hapag-Lloyd back in the black with US$180.9 million profit after 2014 net loss
GERMANY's Hapag-Lloyd reversed itself out of last year's net loss to post a first half profit in 2015 of EUR157.2 million (US$180.9 million), drawn on revenues of EUR4.96 billion, which increased 54.5 per cent year on year.
The revenue increase was attributed to the merger of Hapag-Lloyd with the container shipping activities of Chile's CSAV in December 2014.
CSAV's vessels were added to the company's fleet of 188 containerships at the end of June compared to 154 in mid-2014.
Hapag-Lloyd, the world's fourth largest container line behind Maersk, MSC and CMA CGM, operated 128 services at the end of June this year, compared to 101 services a year earlier.
Despite success, Hapag-Lloyd was gloomy: "Once again, growth in the capacity of the global container fleet, largely as a result of the commissioning of very large container ships in Asia-related trades, is expected to outpace demand for container shipping services in 2015."
Hapag-Lloyd's average freight rate was down $128 per TEU, year on year at $1,296 per TEU.
"Besides the initial inclusion of CSAV's container shipping activities, which have a lower freight rate level overall, the main reason for the decline was the ongoing difficult market environment with increased pressure on freight rates in the second quarter 2015," the company said.
"As competitive pressure has remained high and the bunker price has fallen, it has only been possible to implement the necessary freight rate increases to a very limited degree," said the Hapag statement.
The revenue increase was attributed to the merger of Hapag-Lloyd with the container shipping activities of Chile's CSAV in December 2014.
CSAV's vessels were added to the company's fleet of 188 containerships at the end of June compared to 154 in mid-2014.
Hapag-Lloyd, the world's fourth largest container line behind Maersk, MSC and CMA CGM, operated 128 services at the end of June this year, compared to 101 services a year earlier.
Despite success, Hapag-Lloyd was gloomy: "Once again, growth in the capacity of the global container fleet, largely as a result of the commissioning of very large container ships in Asia-related trades, is expected to outpace demand for container shipping services in 2015."
Hapag-Lloyd's average freight rate was down $128 per TEU, year on year at $1,296 per TEU.
"Besides the initial inclusion of CSAV's container shipping activities, which have a lower freight rate level overall, the main reason for the decline was the ongoing difficult market environment with increased pressure on freight rates in the second quarter 2015," the company said.
"As competitive pressure has remained high and the bunker price has fallen, it has only been possible to implement the necessary freight rate increases to a very limited degree," said the Hapag statement.
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