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Post-merger profit gain for Hapag-Lloyd

HAMBURG: Hapag-Lloyd has reported a €1.5 billion increase in revenue to €4.7 billion for the first half of 2015 compared to the same period last year. The company cited initial synergies from the CSAV merger.

CSAVEBITDA rose from €$67.2 million to €493.3 million for an operating result of €267.7 million compared to a loss of €101.5 million in 2014. The net profit for H1 was €157.2 million compared to a loss of €173.3 million in the previous period.

Volume of TEUs carried rose 29.4 percent in H1 to 3.7 million year-on-year. The average freight rate per TEU was US$1,296 - nine percent below the same period in 2014.

The transfer of CSAV's services and ship systems into the various trades of Hapag-Lloyd was completed in the second quarter of 2015, slightly ahead of the original plan. As a result, with integration almost complete, Hapag-Lloyd said it expects net annual gains of US$400 million by 2017 – US$100 million higher than originally forecast.

"After a solid start into 2015, we are satisfied with our results in the first half of 2015", said Rolf Habben Jansen, CEO of Hapag-Lloyd. "Our results prove that the merger with CSAV was the right decision."

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