GERMAN container shipping group Hapag-Lloyd has raised its earnings forecast on a better-than-expected fourth quarter.

The company said it now expects EBITDA of EUR2.6 (US$3.1 billion) to 2.7 billion (up from EUR2.4 to 2.6 billion) and EBIT of EUR1.25 to 1.35 billion (up from EUR1.1 to 1.3 billion).

Commenting on the upgraded forecast, Hapag-Lloyd CEO Rolf Habben Jansen commented: “In the fourth quarter, as well, market demand for container capacities has continued to be surprisingly strong and today we are deploying every available ship.

“Additionally, we are on track with the cost savings from our Performance Safeguarding Programme. Given these circumstances, the results of the current financial year will exceed our previous forecasts. In light of the global pandemic, we will continue to keep a close eye on the safety and well-being of our employees as well as on our customers’ supply chains – but the continued implementation of our Strategy 2023 will also remain an integral part of our agenda.”

Hapag-Lloyd expects its audited 2020 financials to be published on March 18, 2021.

The company currently operates a fleet of 234 modern containerships with a transport capacity of 1.7 million TEU. Its total container capacity is around 2.7 million TEU, reports gCaptain, California.