Hapag-Lloyd Expects Sharp Drop in Earnings
By Dominic Chopping
Hapag-Lloyd expects earnings to fall sharply this year amid a challenging economic and political environment, especially in view of the current situation in the Red Sea.
The German shipping company expects to report earnings before interest, tax, depreciation and amortization of between 1 billion and 3 billion euros ($1.1 billion to $3.3 billion) in 2024 with earnings before interest and tax of between a EUR1 billion loss and EUR1 billion profit.
However, it cautioned that the volatile development of freight rates and geopolitical challenges mean the guidance is subject to considerable uncertainty.
It reported Ebitda of EUR4.46 billion and EBIT of EUR2.53 billion in 2023.
"We will be focusing even more intensively on quality and sustainability," said Chief Executive Rolf Habben Jansen.
"We will continue to grow in our new Terminal & Infrastructure business...and realise improvements in terms of cost efficiency and productivity."
The company proposed a full-year dividend of EUR9.25, down from EUR63 last year.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 14, 2024 03:12 ET (07:12 GMT)
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