The increase is chiefly a result of a merger with the United Arab Shipping Company (UASC) which was completed in May 2017.

"The successful merger with UASC has significantly strengthened our competitive position. We also benefitted from improved freight rates and a positive development of the worldwide container transport volume," Rolf Habben Jansen, Chief Executive Officer, Hapag-Lloyd, said.

He added, "The market environment remains challenging, but as we see some of the fundamentals improving gradually over the upcoming period, we remain cautiously optimistic. Going forward, our customers will benefit from further improved services and new digital products."