German shipping and container transportation firm Hapag-Lloyd has reported a rise in revenues in the first half (H1) of 2022 to $18.6bn.

This figure was $1,612/TEU during the same period in 2021.

The company has attributed the increase in revenues to a stronger dollar and higher average freight rates of $2,855 per twenty-foot equivalent unit (TEU).

Additionally, the company reported a profit of $9.5bn during the period.

The company has closed H1 2022 with earnings before interest, taxes, depreciation and amortisation (EBITDA) rising to $10.9bn, compared to $4.24bn in H1 2021.

The EBIT also increased to $9.9bn in H1 2022, from $3.48bn in the previous year.

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Hapag-Lloyd noted that transport volumes in H1 2022 were similar to 2021, with around six million TEU.

Its H1 results were majorly impacted by higher container handling and charter ship expenses along with a 67% increase in average bunker consumption price.

Hapag-Lloyd CEO Rolf Habben Jansen said: “We are currently seeing the first signs in some trade lanes that spot rates are easing in the market.

“Nevertheless, we are expecting a strong second half of the year. The currently still strained situation in the global supply chains should improve after this year’s peak season.

Habben Jansen continued: “At the same time, we will continue to focus on our quality and sustainability goals as well as on further implementing our Strategy 2023.”

On the basis of its H1 2022 performance, Hapag-Lloyd expects a full-year EBITDA in the range of $19.5bn to $21.5bn and an EBIT between $17.5bn and $19.5bn.

However, the company said this forecast remains subject to ‘considerable uncertainty’ due to the war in Ukraine, effects of the Covid-19 pandemic and continuous disruptions to global supply chains.

Last month, Hapag-Lloyd agreed to carry shipments for DHL Global Forwarding, Deutsche Post DHL Group’s air and ocean freight forwarder division, using advanced biofuels.