Hapag-Lloyd confirms $20.5bn profit in 2022, forecasts ‘normalisation’ of results this year


Hapag-Lloyd has published its annual report for 2022, the year of its 175th anniversary. According to the report, Hapag-Lloyd’s EBITDA increased to USD 20.5 billion (EUR 19.4 billion). EBIT grew to USD 18.5 billion (EUR 17.5 billion), and the Group profit improved to USD 18 billion (EUR 17 billion).

“Overall, we look back on a very successful 2022 with exceptionally strong results,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.
“ This has enabled us to strengthen our financial resilience and asset structure once again. In addition, we have improved the quality of service for our customers and invested in terminals and infrastructure as well as in the efficiency of our fleet. However, costs – such as for fuel, charter vessels and container handling – have risen significantly.

Revenues increased to USD 36.4 billion (EUR 34.5 billion), mainly attributable to an increase in the average freight rate, to 2,863 USD/TEU (2021: 2,003 USD/TEU), says Hapag-Lloyd. However, already by the end of the year, the freight rate had significantly decreased due to easing congestion in ports and lower demand.

Transport volumes remained on a par with the prior-year level, at 11.8 million TEU (2021: 11.9 million TEU), due to the strained supply chains. At the same time, high inflation was clearly noticeable in the per-unit costs. Transport expenses rose by 18.5 percent, to USD 14.5 billion (EUR 13.7 billion).

Looking ahead, Hapag-Lloyd expects earnings to gradually normalise in the current 2023 financial year. EBITDA is expected to be in the range of USD 4.3 to 6.5 billion (EUR 4 to 6 billion) and EBIT to be in the range of USD 2.1 to 4.3 billion (EUR 2 to 4 billion). However, this forecast remains subject to considerable uncertainty given the ongoing war in Ukraine and other geopolitical conflicts as well as the impacts of high inflation.

“We have got the current financial year off to a decent start, but the economy has cooled and a significant decrease in earnings remains inevitable,” Rolf Habben Jansen said. “So we will continue to act flexibly in the market and keep a close eye on our costs.

“In addition, we will be working very intensively on formulating the strategic course that we will pursue until 2030. Quality and sustainability will continue to have the highest priority for us, as will the safety and well-being of our employees.”