News / Contract obligations kept Hapag-Lloyd from enjoying rocketing rates bonus

Hapag-Lloyd Panama Canal

Photo: Dreamstime.com

By Mike Wackett

27/01/2021

Hapag-Lloyd’s preliminary results for 2020, of an ebit of $1.5bn, are at the top end of its revised earnings forecast.

But the full effect of the surge in freight rates in the final months of 2019 will probably not be seen until this quarter.

Hapag-Lloyd said the main drivers for the enhanced results had been “improved freight rates and lower bunker prices”, as well as some $500m of cost savings.

The ebit figure included a one-off expense of around $140m in Q4 “mainly ...

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