Hapag-Lloyd suffers 76% decline in profit and anticipates further challenges

Hapag-Lloyd saw its EBITDA decrease by 76% to US$4.8bn last year as demand continued to normalize, while it expects a tough year ahead due to uncertainty in the market environment.

Revenue dropped by 47% to US$19.4bn, significantly influenced by a lower average freight rate of US$1,500/teu, which was almost halved compared to 2022.

Transport volumes were not majorly impacted, rising by less than 1% to 11.9m teu, while transport expenses fell by 11% to US$12.9bn due to lower expenditure on storage fees for containers and a lower bunker consumption price.