ONE giant leap — 1,432% profit gain freightwaves.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freightwaves.com Daily Mail and Mail on Sunday newspapers.
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The German shipping line Hapag-Lloyd is not one to bandy about words like whopping or skyrocketed or best ever when describing bottom-line financial results. But the bottom line is Hapag-Lloyd s first-quarter 2021 earnings before interest and taxes of $1.5 billion equaled the EBIT for all four quarters of 2020.
For Q1 alone, EBIT was up by $1.36 billion that s billion with a B from $176 million in 2020 to the $1.53 billion this year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled about $1.9 billion, nearly a $1.4 billion improvement from $517 million in the first quarter of 2020.
Hapag-Lloyd said in its earnings release that Q1 net profit improved to approximately $1.45 billion. It improved by $1.42 billion from the $27 million profit reported in the first quarter of 2020.
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(Photo: Hapag-Lloyd)
German container liner Hapag-Lloyd will make more investments in vessel capacity this year to grow in line with the global market, where it is the number five operator, Chief Finance Officer Mark Frese told analysts on Wednesday.
Apart from the unspecified further investments in containers, there would also be selected second hand tonnage purchases, he added in a call as the company published first quarter results.
Last December, Hapag-Lloyd ordered six ultra-large-container-vessels (ULCCs) in a $1 billion investment and last month, it ordered standard and reefer containers worth $550 million.
(Reporting by Vera Eckert, editing by Madeline Chambers)
Moody s and Standard & Poor s (S&P) upgrade both Hapag-Lloyd s corporate rating and its senior unsecured bond rating hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
(HPGLY) - Hapag-Lloyd Profit Skyrockets With Stellar Performance benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.