By Cristina Roca
Hapag-Lloyd AG on Thursday reported a jump in second-quarter profit as it continued to benefit from higher shipping rates.
The German shipping company posted a net profit of 4.48 billion euros ($4.61 billion), up from EUR1.52 billion a year earlier.
Revenue nearly doubled to EUR8.99 billion, it said.
“We have benefited from significantly improved freight rates,” Chief Executive Rolf Habben Jansen said.
Transport volumes were roughly stable in the quarter. Demand was good, but global supply-chain disruptions hampered transport capacity, Hapag-Lloyd said.
Hapag-Lloyd confirmed adjusted earnings figures it prereleased on July 28 and said it expects the second half of the year to be strong, in line with the improved guidance it issued last month.
However, it cautioned that it is experiencing pressure from rising costs and warned that its guidance is subject to significant uncertainty due to the war in Ukraine, supply-chain issues and the pandemic.
Write to Cristina Roca at [email protected]
(END) Dow Jones Newswires
August 11, 2022 02:12 ET (06:12 GMT)
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