Company keeps FY 2023 forecasts for EBITDA, EBIT
Cites recent increases in volumes, some short term rates
Geopolitics, inflation, high stocks still create risks

FRANKFURT, Aug 10 Reuters German container shipper HapagLloyd on Thursday posted net profit of 2.9 billion euros 3.18 billion for the first half of 2023, down by 67 from a year earlier, but maintained its full year earnings forecast.

The net profit compared with 8.7 billion euros in 2022 when shipping, a proxy for global trade, enjoyed a boom as economic growth rebounded following the end of pandemic lockdowns and as logistics disruptions raised freight rates for customers.

Rates have since fallen as logjams have eased and the economy is slowing. Cheaper freight has also hit the results of HapagLloyd39;s rivals Maersk and CMA CGM.

Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings.

If you look at the last 10 or 12 weeks and how much volume we load, then we are slightly above yearago, he told Reuters.

Shares in HapagLloyd, the world39;s fifthlargest shipping line, were 2.9 down at 187.5 euros in early trade.

Its first half revenues were 41 lower at 10.0 billion euros.

Transport volumes fell 3.4 to 5.8 million 20foot equivalent units TEU yearonyear, as demand for transport fell on the Asian and European trade routes to North America, and freight rates were down 38 at 1,761 per TEU.

Lower costs provided some relief. In the first half, tanker fuel…