German container Hapag-Lloyd saw profit dip in the fourth quarter, but grew earnings on an annual basis as rates and volumes rose.
It logged profit before interest and tax (EBIT) of $372m in the final three months of 2018, down from $390m in the same period of 2017.
Revenue grew to $3.53bn from $3.11bn, however, while it carried 2.97m teu, compared to 2.77m teu the year before.
Rates rose to $1,079 per teu from $1,038 per teu in 2017.
Full-year EBIT was up at $524m from $467m, which was towards the upper range of its forecast of a maximum of $511.
The company runs 222 modern containerships with a total capacity of 1.6m teu.
For the full year, it said the main drivers were "higher global transport volumes, steadily improving freight rates in the second half of the year, the merger with United Arab Shipping Company (UASC) and the resulting cost synergies."
Revenues increased in the whole financial year by 15%, again due to the UASC deal and the associated 21% rise in transport volume to 11.9m teu.
Expenses were primarily down to strong volume growth and a significantly higher average bunker consumption price of $421 per tonne, from $318 per tonne in 2017.
