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Hapag-Lloyd ups 2020 earnings forecast

Photo: Marcus Hand Name plate at Hapag-Lloyd HQ in Hamburg
Hapag-Lloyd has joined Maersk in upping its 2020 earnings forecast as the container shipping market performs far better than expected.

The German container line has upped its EBITDA forecast for 2020 to EUR2.6bn – EUR2.7bn, from EUR2.4bn – EUR2.6bn previously, and EBIT forecast to EUR1.25bn – EUR1.35bn, compared to EUR1.1bn – EUR1.3bn previously.

“In the fourth quarter, as well, market demand for container capacities has continued to be surprisingly strong and today we are deploying every available ship. Additionally, we are on track with the cost savings from our Performance Safeguarding Program. Given these circumstances, the results of the current financial year will exceed our previous forecasts,” said Rolf Habben Jansen, ceo of Hapag-Lloyd.

Container shipping demand has soared on some trade such as the transpacific with the container imports into North America up 20% in October according to Container Trade Statistics.

“In light of the global pandemic, we will continue to keep a close eye on the safety and well-being of our employees as well as on our customers’ supply chains – but the continued implementation of our Strategy 2023 will also remain an integral part of our agenda,” Habben Jansen added.

In October Maersk upped its full year EBITDA forecast to $7.5 – 8bn, compared to $6 – 7bn previously.

TAGS: Europe Maersk