By Joshua Kirby


German shipping giant Hapag-Lloyd AG on Thursday backed its higher guidance for the year after third-quarter earnings continued to rise sharply on higher freight rates.

Net profit rose nearly doubled on year to 5.12 billion euros ($5.13 billion,) Hapag-Lloyd said. Earnings before interest, taxes, depreciation and amortization rose to EUR5.63 billion on revenue of EUR9.74 billion, compared with EUR6.25 billion in the year-earlier period, largely thanks to higher rates as volumes remained similar, the company said.

The results are in line with expectations for the full year, Hapag-Lloyd said. The company over the summer lifted its targets for the year after a strong performance in the first half, aiming for Ebitda in a range of EUR18.2 billion-EUR20.1 billion and EBIT of EUR16.3 billion-EUR18.2 billion.

The company remains confident of meeting this guidance despite a worsening market environment, with weaker demand for containers in the quarter, said Chief Executive Rolf Habben Jansen.

He pointed to the war in Ukraine, the Covid-19 pandemic and continued supply-chain disruption as factors adding to uncertainty ahead.


Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

11-10-22 0202ET