German liner operator Hapag-Lloyd has reported improved earnings thanks to better freight rates, higher volumes and stricter cost control.

The Hamburg-based liner operator said Ebitda rose to €1.98bn ($2.22bn) for the year ending 31 December, up from €1.139m in the previous corresponding period.

Revenues increased by 9% to €12.6bn, which is roughly in line with analysts’ estimates, according to preliminary figures released today.