By Adria Calatayud

Hapag-Lloyd shares fell after the company guided for full-year earnings at the lower end of its previous outlook ranges and cautioned that it would face challenges if spot freight rates don't recover.

At 0846 GMT on Thursday, shares in the German shipping company traded 4.5% lower at EUR112, taking its year-to-date loss to 37%.

Hapag-Lloyd now expects earnings before interest, taxes, depreciation and amortization for the full year to be between 4.1 billion and 5 billion euros ($4.39 billion-$5.36 billion), and earnings before interest and taxes of between EUR2.2 billion and EUR3.1 billion.

It previously forecast Ebitda of between EUR4.0 billion and EUR6.0 billion, and EBIT of between EUR2.0 billion and EUR4.0 billion.

Analysts currently expect the company's full-year Ebitda at EUR5.01 billion and EBIT at EUR3.03 billion, according to consensus estimates provided by FactSet.

Hapag-Lloyd's cut to the mid-points of its earnings guidance stems from its expectation of a significant decline in freight rates and a modest increase in transport volumes for the year as a whole, Deutsche Bank Research analysts wrote in a note to clients.

Moreover, there is significant oversupply in the shipping industry that is expected to last for two to three years, which could continue to keep freight rates under pressure, the analysts said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 09, 2023 04:05 ET (09:05 GMT)

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