Hapag-Lloyd on the upturn in 3Q

Hapag-Lloyd's Hamburg Express

Despite the difficult market environment, Hapag-Lloyd's consolidated revenue rose by EUR 656.3 million in the first nine months of the 2012 financial year to EUR 5,160.1 million (prior year period: EUR 4,503.8 million).

This positive trend resulted from a 2.3% increase in the transport volume, which reached 3,963 TEU, and a rise in the average freight rate by 2.2% to USD 1,574/TEU.

Exchange rate effects also helped. The average USD/EUR exchange rate strengthened to USD 1.28/EUR (prior year period: USD 1.41/EUR).

Transport expenses climbed by a total of EUR 746.3 million (19.2%) in the first nine months of 2012 to EUR 4,638.1 million. This increase resulted primarily from a 34.0% rise in expenses for raw materials and supplies.

During the reporting period, the average bunker price was USD 665 per tonne (prior year period: USD 590 per tonne) – up approximately 13% on the same period of the previous year.

Due to high bunker and energy prices and a rise in other transport expenses, the group's operating result before interest and taxes (EBIT) amounted to EUR 0.9 million in the reporting period.

It therefore fell short of last year's nine-month figure (EUR 62.9 million). After taking into account depreciation and amortization, EBITDA amounted to EUR 245.0 million for the first nine months of 2012 (prior year period: EUR 275.0 million).

Adjusted for special items from the purchase price allocation, the group reported an operating result before interest and taxes of EUR 17.9 million for the first nine months of the financial year (prior year period: EUR 78.8 million). The figure was not adjusted for income from container sales.

The adjusted EBIT stood at EUR 86.6 million in the third quarter. All in all, the company therefore achieved substantially better earnings in the third quarter than in the nine months to September 2011 (adjusted EBIT: EUR 36.7 million). < 김보람 기자 brkim@ksg.co.kr >