FRANKFURT, Nov 12 (Reuters) – German container shipping line Hapag-Lloyd (HLAG.DE) reported a more than 10-fold surge in nine-month net profit on Friday, citing record freight rates amid scarce transport capacity and rising transport volumes.
The world’s fifth biggest operator said net profit climbed to 5.6 billion euros ($6.41 billion) in the January-September period, from 538 million euros a year earlier.
Global supply chains are under enormous pressure from delays due to logjams at ports.
“But with the pandemic not behind us, 2022 will not be a normal year,” he said.
Revenues in the first nine months increased by 60% to 15 billion euros, mainly due to a 66% jump in average freight rates to $1,818 per 20-foot equivalent standard container units (TEU).
Transport costs over the January to September period rose 16% to 7.4 billion euros, with shipping fuel up 12.4% at $452 a tonne.
EBITDA was 6.8 billion euros, up from 1.8 billion euros in the same period in 2020, while EBIT rose to 5.8 billion euros from 858 million euros.
The company said in August it expected to pay a healthy dividend for 2021. It will hold a capital markets day for investors on Nov. 17 and report its final 2021 earnings on March 16.
($1 = 0.8738 euros)