From Freightwaves via Benzinga, May 9:
Hapag-Lloyd reported first-quarter results that were better than
expected thanks to strength in its Trans-Atlantic franchise, better
exchange rates, and the one-time effect of an accounting rule change.
Owner of the fifth-largest container ship fleet globally, Hapag-Lloyd
reported net profit to shareholders of $104.4 million, based on the
average exchange rate for the quarter. That compares to a $42.2 million
dollar loss in the year earlier period.
On a constant currency basis, Hapag-Lloyd saw revenue rise 8.6 percent from a year earlier to $3.9 billion.
The results, which the company said, "were slightly above
expectations", cheered Investors and drove up Hapag-Lloyd shares 4.4
percent for the day during European trading hours.
Chief Executive Officer Rolf Habben Jansen said the company "got the
year off to a very decent start" thanks to higher transport volumes,
better freight rates and a stronger U.S. dollar.
Transport expenses of $2.67 billion for the quarter were essentially
flat with the year earlier based on the comparable exchange rates. The
expense line had a $114 million benefit from the change of how
Hapag-Lloyd accounts for lease expenses related to long-term charter of
vessels and container rental.
But fuel expenses were up 14 percent from a year earlier to $425 per ton, to total $450 million for the quarter....
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