Hapag 9-month net profit doubles to $14.7bn

German carrier Hapag-Lloyd more than doubled group profit to $14.7 billion (€13.8 billion) on over 60 percent increase in freight rate to $2,938/TEU for the first nine months of 2022. Transport volume was down marginally to 8.9 million TEUs but revenue increased 58 percent to $28 billion (€26.7 billion), says an official release. Rolf Habben Jansen, CEO, Hapag-Lloyd AG "Thanks to higher freight rates, we have achieved an exceptionally strong nine-month result," says Rolf Habben Jansen, CEO, Hapag-Lloyd AG. "However, we are also seeing that the market environment has deteriorated further in the third quarter. This is evident, for example, in falling spot rates and rising inflation-related unit costs."