Hapag-Lloyd culls China-Germany service amid tonnage supply concerns
Hapag-Lloyd is to withdraw its China-Germany express service (CGX) in February, as the German mainline ...
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PRESS RELEASE
Feb 16, 2021
– Exceptionally strong demand for container transports
– Freight rates remain at a high level at the beginning of the year
– EBITDA and EBIT for 2021 expected to be significantly higher than prior-year levels
Hapag-Lloyd has got the year off to a very good start thanks to exceptionally strong demand for container transports, which has led to a much higher level of freight rates. Based on preliminary business figures for the month of January and the current business situation, the Executive Board of Hapag-Lloyd AG expects the performance indicators EBITDA and EBIT for the first quarter of 2021 to be significantly higher than in the prior-year period. EBITDA is currently expected to be at least USD 1.8 billion (at least EUR 1.5 billion) compared to USD 517 million (EUR 469 million) in Q1 2020. For EBIT, the Executive Board of Hapag-Lloyd AG currently expects at least USD 1.5 billion (at least EUR 1.25 billion) compared to USD 176 million (EUR 160 million) in Q1 2020.
To read the full release, please click here.
Here is bullish take from Jefferies released earlier this week.
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