Hapag-Lloyd handled a total of 7.4 million TEUs in 2015, a 25.3% increase compared to 2014, according to full-year results released by the shipping line.

The company recorded a net profit of €114 million, a year-on-year increase of almost 119%.

“The result for the year is in line with our expectations,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG. “Hapag-Lloyd has delivered what we promised. Also in comparison with our main competitors, Hapag-Lloyd has made up tremendous ground and is back among the top performers in the industry.”

According to Hapag-Lloyd, transport expenses per TEU dropped by 20.1%, caused in part by fuel prices, which were approximately 45.7% lower than 2014.

“In 2016 we will continue to work on our competitiveness, to maintain and further strengthen our performance in the industry,” said Habben Jansen. “We are well-positioned thanks to our balanced portfolio across all trades and our strong presence in attractive niche markets such as reefer, special cargo, dangerous goods or cabotage.”

The ongoing consolidation in the shipping industry and the new alliance set-up should help add stability to the market, which should experience some recovery in 2016, he added.