<\/p>\n
German liner company Hapag-Lloyd said the performance of the container shipping market in the third quarter of 2020 was much better than expected pushing up earnings.<\/p>\n
Based on the preliminary findings, Hapag-Lloyd\u2019s earnings before interest and taxes (EBIT) for the third quarter 2020 significantly increased to around \u20ac350 million (2019: \u20ac253 million). <\/p>\n
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to around \u20ac650 million (2019: \u20ac554 million). Volumes were 3 per cent under previous year, but much better than expected some months ago.<\/p>\n
Hapag ascribed the positive business developments to significantly higher demand and transport volumes, combined with rigorous cost and revenue management.<\/p>\n
As a result, the company updated its EBITDA and EBIT guidance from \u20ac1.1 to 1.3 billion and an EBITDA of \u20ac2.4 to 2.6 billion respectively.<\/p>\n
\u201cThanks to the positive market development and the wide range of measures we have introduced in recent months, we expect a financial year with results well above our previous forecast,” <\/em>Chief Executive Officer Rolf Habben Jansen<\/strong> commented.<\/p>\n “Nevertheless the pandemic will remain to be a huge challenge and a major source of uncertainty for the entire logistics industry.\u201d<\/em><\/p>\n Hapag-Lloyd’s upgraded forecast comes days after industry major Maersk lifted its guidance for 2020 amid quicker than expected market recovery.<\/p>\n \t\t\t<\/a><\/p>\n Separately, rating agency Moody’s Investors Service (Moody’s) raised Hapag-Lloyd\u2019s credit rating by one notch from \u2019B1\u2018 with a negative outlook to \u2018Ba3\u2019 with a stable outlook. <\/p>\n This is the highest credit rating assigned to Hapag-Lloyd since the rating initiation by Moody\u2019s in 2010. Additionally, the senior unsecured bond rating was raised from \u2018B3\u2019 to \u2018B2\u2019.<\/p>\n Moody\u2019s acknowledged that the container shipping market and in particular Hapag-Lloyd have performed very strongly and better than anticipated amidst the pandemic. As a consequence, Hapag-Lloyd\u2019s credit metrics have continued to strengthen in the first half of 2020.<\/p>\n Last week the rating agency Standard & Poor\u2019s (S&P) raised the credit rating on Hapag-Lloyd<\/a> from \u2019B+\u2018 to \u2018BB-\u2019 with a positive outlook.<\/p>\n The post Hapag-Lloyd raises 2020 forecast amid strong market<\/a> appeared first on Offshore Energy<\/a>.<\/p>\n world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":" German liner company Hapag-Lloyd said the performance of the container shipping market in the third quarter of 2020 was much better than expected pushing up earnings. Based on the preliminary findings, Hapag-Lloyd\u2019s earnings before interest and taxes (EBIT) for the third quarter 2020 significantly increased to around \u20ac350 million (2019: \u20ac253 million). Earnings before interest, …<\/p>\n","protected":false},"author":1,"featured_media":19448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[3446,1230,1083,2298,2187],"class_list":["post-19447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-forecast","tag-hapaglloyd","tag-market","tag-raises","tag-strong"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/19447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=19447"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/19447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/19448"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=19447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=19447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=19447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n\t\t\t
\n\t\t\t\tMaersk braces for $100 M restructuring charge over 2,000 job cuts as it lifts Q3 outlook
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