Hapag-Lloyd raised its earnings forecast for the year as market conditions in the fourth quarter was better than anticipated.

In a statement, the German international shipper said the demand for container capacities also remained strong. 

"On the basis of a better-than-expected business performance in the current fourth quarter, it was decided today to raise the earnings forecast for the Group updated in October," Hapag-Lloyd said.

For the 2020 financial year, earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 2.6 to 2.7 billion from the previous forecast of EUR 2.4 to 2.6 billion and earnings before interest and taxes (EBIT) of EUR 1.25 to 1.35 billion from EUR 1.1 to 1.3 billion are now expected, it added.

“In the fourth quarter, as well, market demand for container capacities has continued to be surprisingly strong and today we are deploying every available ship. Additionally, we are on track with the cost savings from our Performance Safeguarding Program. Given these circumstances, the results of the current financial year will exceed our previous forecasts," said said Rolf Habben Jansen, chief executive officer of Hapag-Lloyd. 

He added that in light of the global pandemic, Hapag-Lloyd will continue to keep a close eye on the safety and well-being of our employees as well as on our customers’ supply chains – but the continued implementation of our Strategy 2023 will also remain an integral part of our agenda.

The audited figures for the 2020 financial year will be published on 18 March 2021.