Profits to be invested in Damietta
As expected, Hapag-Lloyd achieved strong results in Q1/2022, handling the same volumes as in Q1/2021, approximately 3 million teu. While revenues went up by 11.2% to USD 9 billion, ebitda was at USD 5.3 billion (+11.3%) and profit amounted to USD 4.7 billion (+10.6%).
The shipping company said that "this can primarily be attributed to a much higher average freight rate of 2,774 USD/teu (Q1/2021: 1,509 USD/teu) and a stronger USD."
Besides, Hapag-Lloyd is the new major shareholder (39%) of the joint venture “Damietta Alliance Container Terminal S.A.E.”, formed with Eurogate Damietta (29.5%) and Contship Damietta (29.5%). Two other partners, Middle East Logistics & Consultants Group and Ship & C.R.E.W. Egypt S.A.E., will each hold 1%.
The new Terminal 2 at the port of Damietta is expected to start operations by 2024, driving for a final annual operational capacity of 3.3 million teu. (sh)