Finance : Hapag-Lloyd Q3 Profits Surge On Higher Freight Rates

Hapag-Lloyd (ETR: HLAG) posted significant third quarter earnings and revenue increases as it managed to nudge up freight rates. The container shipping giant, which operates a fleet of 231 container ships with total transport capacity of 1.7 million twenty-foot equivalent units (TEU), saw revenues climb 6.2% in the third quarter to 3,244 million euros ($3.57 billion). Earnings before interest and taxes (EBIT) jumped 21.6% in the period to 253 million euros and, despite average industry-wide spot freight rates having been lower for most of 2019 compared to a year earlier, Hapag-Lloyd managed to claw a 2.7% increase in freight rates measured in USD/TEU from customers during the third quarter (see below).

https://ift.tt/eA8V8J from Yahoo Finance https://ift.tt/350NTbZ
November 14, 2019 at 08:37PM