Hapag Lloyds profit soars in first quarter

Germany’s Hapag-Lloyd sees its first-quarter operating profit more than tripling to at least 1.5 billion euros ($1.81 billion) thanks to strong demand for container transportation amid the coronavirus pandemic, it said on Tuesday.

The company expects demand for seaborne shipments normalizing over the course of the year.

“We are still seeing slower container turn times, significant congestion in ports around the globe, capacity constraints in rail and truck, and the risks of the coronavirus pandemic remain,” Chief Executive Rolf Habben said.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the year as a whole should nonetheless “clearly surpass” the 2020 level, which stood around 2.7 billion euros.