Independent journal on economy and transport policy
04:40 GMT+1
CENTRO INTERNAZIONALE STUDI CONTAINERS
ANNO XXXVIII - Numero MARZO 2020
MARITIME TRANSPORT
AN UNUSUAL YEAR IN STORE FOR BOX SHIPPING SAYS HAPAG CEO
"Hapag-Lloyd celebrate a good 2019, but are cautious
about an "unusual" 2020."
In what must count as liner shipping's most significant
understatement Hapag-Lloyd CEO Rolf Habben Jansen said today that
this year "will be a very unusual year".
Jansen explained that following the initial shocks in Asia those
economies have started to recover more quickly than most
commentators had anticipated, but now other continents are feeling
the impact of the Covid-19 virus outbreak.
"We will in the upcoming weeks and months mainly focus on
the three things that matter most to us: the safety and health of
our people, keeping the Supply Chains of our customers flowing and
taking precautionary financial measures to weather the storm if it
lasts longer than anticipated." said Jansen.
The liner shipping company is persisting with its Strategy 2023
policy in the face of the looming virus induced economic recession,
that many economists are now saying is looking much more likely,
with both the US and UK slashing interest rates in an effort to
kick-start economic activity.
Acknowledging the effect of the Coronavirus Hapag-Lloyd expects
a reduction in its 2020 returns compared to, what it says, was a
bumper year in 2019.
Last year saw the group's net result improve significantly to
around US$418 million (€373 million); with earnings before
interest, taxes, depreciation and amortisation increasing to US$2.2
billion (€2.05 billion). At the same time, earnings before
interest and taxes (EBIT) climbed to US$908 million (€811
million).
"Today we are in rapidly changing and uncertain times,"
said Jansen, who estimates that Hapag-Lloyd expects an EBITDA of
US$1.82-2.36 billion (€1.7-€2.2 billion) and an EBIT of
US$536.68 million to US$1.07 billion (€500 million to €1
billion) in 2020.
Forecasts for 2020 are, "Subject to considerably higher
uncertainties than normal, particularly due to the coronavirus
outbreak. After a decent start of 2020, global container volumes
will be impacted by the global coronavirus crisis, and the magnitude
of that is impossible to determine right now, added Jansen.
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