GERMAN shipping giant Hapag-Lloyd has raised its profit forecast for the current financial year because of rising freight rates, reports Deutsche Presse-Argentur.
The German shipping company Hapag-Lloyd has raised its profit forecast for the current financial year because of rising freight rates.
Based on preliminary figures, earnings before interest and taxes (EBIT) rose to EUR1.8 billion (US$1.9 billion) in the first nine months of this year, the company announced.
The range of profit expectations for the full year has been increased to between EUR2.2 billion and EUR2.6 billion. Hapag-Lloyd had previously expected earnings before interest and taxes of between EUR1.2 billion and EUR2.2 billion for 2024.
The liner is benefiting from higher-than-expected demand and improved freight rates, despite higher expenses due to the rerouting of ships around the Cape of Good Hope, which became necessary due to the attacks by Yemen's Houthi forces an ally of Iran.
The company pointed out that the forecast was subject to a high degree of uncertainty due to the volatile development of freight rates and major geopolitical challenges. Hapag-Lloyd will present the final business figures for the first nine months in mid-November.
https://www.shippingazette.com/news?news_id=9241000000985
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