Merger with CSAV is expected to deliver USD 100 million higher synergies than targeted. Strong operating results and significant increases in transport volume and revenue driven by the merger.
In the first half of 2015, Hapag-Lloyd increased transport volumes and revenue as well as earnings. The volume growth was due to the merger with Compañía Sud Americana de Vapores (CSAV) and made Hapag-Lloyd world-wide the fourth largest carrier by capacity.
The transport volume increased to around 3.7 million TEU in the first six months of 2015, an increase of 29.4% compared to the same period in 2014 and mainly due to the merger with CSAV. The average freight rate in the first half of 2015 came in at 1,296 USD/TEU, 9% lower as the same period of 2014. In the first half of 2015 revenue increased by 1.5 billion Euro to 4.7 billion Euro. Earnings increased as a result of initial synergies from the CSAV merger and additional cost savings from the OCTAVE program. In the first half of 2015, Hapag-Lloyd achieved an EBITDA of 493.3 million Euro (prior year period: 67.2 million Euro) and an operating result of 267.7 million Euro (prior year period: -101.5 million Euro). Hapag-Lloyd recorded a profit of 157.2 million Euro (prior year period: -173.3 million Euro).
Source: www.hapag-lloyd.de