GERMAN shipping giant Hapag-Lloyd posted a 500 per cent first quarter net profit increase to US$1.5 billion drawn on revenues of $4.9 billion, up 33 per cent.
"On the back of the high demand for container transports, we have benefited from better freight rates, especially in the spot market," said Hapag-Lloyd CEO Rolf Habben Jansen.
On top of that, bunker prices have been lower than in 2020. As a result, we concluded the first quarter with a very positive financial result and look back overall on a solid start to the year," said Mr Habben Jansen.
"While we remain optimistic for 2021 as a whole, the ramifications of the Covid-19 pandemic and the congested supply chains continue to present a huge challenge to all market participants," he said.
"We will double down on our efforts to provide the best possible service quality to our customers - as we know that we can and must still do better on that front - and we will continue to implement our Strategy 2023," he said.
With a fleet of 241 containerships and a total transport capacity of 1.7 million TEU, Hapag-Lloyd has 13,300 employees and 395 offices in 131 countries. Hapag-Lloyd is one of the leading operators in the transatlantic, Middle East, Latin America and Intra-America trades.