Hapag-Lloyd sees profit drop by 46% in first nine months as rerouting ships increases transport expenses

Hapag-Lloyd has recorded a 46% drop in profit to US$1.8bn in the first nine months of 2024 as lower freight rates in the first half of the year and increased transport expenses due to the rerouting of ships around the Cape of Good Hope affected performance as expected. 

Group EBITDA fell by 20% to US$3.6bn and EBIT declined by 35% to US$1.9bn while revenue was largely unaffected and remained at US$15.3bn year-on-year.  

However, stronger demand and higher freight rates in the third quarter led to a significant increase in earnings compared to the previous quarters.