FRANKFURT, (Reuters) – Hapag-Lloyd, a German container shipping company reported a greater than 10 fold increase in its nine-month net profits on Friday. They cited record freight rates and increasing transport volumes as well as limited transport capacity.

World’s fifth-largest operator, the company reported net profit of 5.6 billion euros (6.41 billion), up from 538 millions euros one year earlier.

The company expects that earnings momentum will remain high for the remainder of the year, while customers and operators around the world will experience more severe infrastructure bottlenecks as a result of the coronavirus crisis.

Rolf Habben Jansen, Chief Executive Officer said that despite all operational difficulties, they achieved an exceptional nine-month result.

“Nevertheless, supply chains around the world are facing immense pressure. This was further exacerbated during peak season, the third quarter.”

Hapag-Lloyd retained its revised full-year guidance on earnings before interest taxes, depreciation, and amortization (EBITDA), between 10.3 and 10.9 trillion euros, and earnings after interest taxes (EBIT), between 8.7 billion and 9.5 billion euros.

The first nine months saw a 60% increase in revenues to 15 billion euro. This was largely due to an average 66% rise in freight rates to $1818 per standard container unit (TEU) 20-foot equivalent.

EBITDA reached 6.8 Billion Euros, an increase of 1.8 billion euro in the same time period in 2020. EBITDA climbed to 5.8 Billion euros from 858 M euros.

In August, the company stated that it expected to pay a healthy split for 2021. The company will release its 2021 final earnings report on March 16.

($1 = 0.8738 euros)