Hapag-Lloyd Secures USD 113 Mn Loan

Hapag-LloydIllustration. Source: Pixabay under CC0 Creative Commons license

Moving forward with the implementation of its Strategy 2023, German shipping company Hapag-Lloyd has entered into a new EUR 100 million (USD 112.8 million) revolving credit facility.

As informed, the facility is to be made available for utilization from June 14, 2019, for different maturities up to 18 months and subject to up to two years extension.

“Hapag-Lloyd AG may use the financing from the facility for general corporate purposes and to optimize its debt maturity profile and cost of capital, in line with its strategic objectives,” the company said.

Hapag-Lloyd got the first quarter of this year off to a good start as it reported a significantly higher operating profit. Earnings before interest and taxes (EBIT) increased to EUR 214 million for the period, compared to EUR 51 million reported in the same quarter a year earlier.

In addition, the net result was at EUR 96 million, against a net loss of EUR 34 million seen in the first quarter of 2018.

“We took the positive momentum of the second half of the year with us into 2019 and got the first quarter off to a strong start,” Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said on June 12 when Hapag-Lloyd announced the re-election of Michael Behrendt to the supervisory board as a shareholder representative.

“Looking ahead, we want to increase our revenues, further reduce debt and continue to implement our Strategy 2023,” Jansen concluded.

Hapag-Lloyd has a fleet of 235 containerships with a total transport capacity of 1.7 million TEU.

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