Hapag-Lloyd nine-month net profit soars over 10-fold on record freight rates By Reuters – Investing.com

Hapag-Lloyd nine-month net profit soars over 10-fold on record freight rates By Reuters – Investing.com

FRANKFURT (Reuters) - German container shipping line Hapag-Lloyd reported a more than 10-fold surge in nine-month net profit on Friday, citing record freight rates amid scarce transport capacities and rising transport volumes.

The world's number five operator said net profit climbed to 5.6 billion euros ($6.41 billion) in the January-September period, from 538 million euros a year earlier.

It expects earnings momentum to remain at a high level for the rest of the year while operators and customers across the globe will face more severe infrastructure bottlenecks due to the coronavirus crisis which has disrupted supply chains.