News / Hapag-Lloyd Q1 results: 'significant swings' creating uncertainty in the market

Photo: Hapag-Lloyd.

Despite seeing first-quarter carryings increase 6.8% to 3m teu, German carrier Hapag-Lloyd saw revenues and earnings decrease year-on-year due to lower average freight rates, which declined from $1,999 per teu in the first quarter of 2023 to $1,359.

As a result, revenues fell 24% to $4.26bn while Ebit was slashed by 83.5% to €365m, compared to the first quarter Ebit of €1.47bn in 2023.

Its recently formed Terminals & Infrastructure unit recorded revenues of €98m and an Ebit of €16m.

“Even though our ...