Hapag-Lloyd has completed the first quarter (Q1) 2018 with earnings before interest, taxes, depreciation and amortisation (EBITDA) of €219.4m, an increase compared to the first quarter of the previous year (€135.3m).
The group's net result amounted to a loss of €34.3m, up €23.8m over the same period of 2017 when it turned in a loss of €58.1m.
Revenues came in at €2.6bn in the first three months rising from €2.1bn, and transport volume reached 2,861 TEUs.
Hapag-Lloyd pointed out that the figures of the first quarter 2018 included United Arab Shipping Company and can therefore only be compared to a limited extent with the figures of the first quarter 2017.
'We have had a solid start into the current year, but the market environment is challenging,' explained Rolf Habben Jansen, CEO of Hapag-Lloyd. 'Freight rates have been under pressure, bunker costs and trucking cost in some important markets were up and we faced a weaker US-Dollar, whereas higher transport volumes and synergies supported the result.
'We expect a gradual improvement of the market throughout 2018 – but most of that will only hit the books in the second half of the year,” he added.
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