Independent journal on economy and transport policy
18:33 GMT+1
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In the first quarter, Hapag-Lloyd reported declines in operating profit and net income of -25.2% and -74.2%
Revenues increased by 9.2%
May 15, 2020
In the first three months of 2020, it was more pronounced the increase in operating costs that totaled 3.19 billion eur 12.9%), which was mainly driven by the euro increased costs for container handling (1.26 billion euros, up 5.5%) and the 50.6% increase in the price of the bunker determined -- specified the company -- by the need to resort to low sulphur fuel as imposed by the IMO 2020 rules on 1 January and the devaluation of fuel reserves, expenses for the bunker that in the first quarter of this year totaled 594.2 million euros. In the first three months of 2020, the average price of fuel consumption was 523 dollars/ton 23.1%). The costs of using the fleet and executing maritime services, net of those of the bunker, are by contrast, by -2.7%, falling to EUR 479.9 million due to suspension of services on routes with Far East and trans-Pacific routes, also an effect impact of the Covid-19 pandemic originating in China, and to the increased use of chartered ships.
In the first quarter of this year, EBITDA was 469.0 million euros (-4.1%). Operating income and net profit are 159.8 million and 24.8 million, respectively, down -25.2% and -74.2% on the corresponding period in 2019. Hapag-Lloyd pointed out that the decline in EBIT attributable mainly to higher bunker spending and to higher depreciation costs and other charges IFRS 16 accounting principles from the first time. January 2019 and pointed out that, net of the devaluation of bunker reserves EBIT would be at the same level as this year Previous.
Hapag-Lloyd CEO Rolf Habben Jansen pointed out that the company started the year well despite the Pandemic of Covid-19, but he made it clear that even though the start of the year it was comforting, "we believe - he explained - that the coronavirus pandemic will have very significant impacts in the 2020, starting in the second quarter.'
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In the first three months of 2020, it was more pronounced the increase in operating costs that totaled 3.19 billion eur 12.9%), which was mainly driven by the euro increased costs for container handling (1.26 billion euros, up 5.5%) and the 50.6% increase in the price of the bunker determined -- specified the company -- by the need to resort to low sulphur fuel as imposed by the IMO 2020 rules on 1 January and the devaluation of fuel reserves, expenses for the bunker that in the first quarter of this year totaled 594.2 million euros. In the first three months of 2020, the average price of fuel consumption was 523 dollars/ton 23.1%). The costs of using the fleet and executing maritime services, net of those of the bunker, are by contrast, by -2.7%, falling to EUR 479.9 million due to suspension of services on routes with Far East and trans-Pacific routes, also an effect impact of the Covid-19 pandemic originating in China, and to the increased use of chartered ships.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
