HHLA results take hit from Coronavirus

The results of Hamburger Hafen und Logistik AG (HHLA), the largest terminal operator at the German main port of Hamburg, have been significantly affected by the coronavirus pandemic.

The group announced last week that revenue decreased by 9.4% in the first half of this year, while EBIT was down 51.5%.

HHLA expects further strong decline in revenue and earnings for the 2020 financial year, but underlines that the group had ‘sufficient liquidity’, despite the crisis.

HHLA’s listed Port Logistics subgroup recorded a significant decrease of 9.3% in revenue to EUR 614.2 million in H1 (vs EUR 677.5 million a year ago). EBIT declined sharply by 53.5 % to EUR 49.1million (vs EUR 105.6 million) and the margin fell by 7.6 percentage points to 8.0%.

Container throughput at HHLA’s terminals decreased overall by 11.3% to 3.35 Mteu (vs 3.77 Mteu).

At the three Hamburg container terminals, the group’s flagship opera- tion, throughput volume was down 12.0 % at 3.06 Mteu (vs 3.48 Mteu). According to HHLA, this was mainly due to blank sailings as a result of the coronavirus pandemic.

These blank sailings led to a significant decline in cargo volumes from the Far East. Feeder traffic with the Baltic region decreased markedly and could not be offset by growth in the German and British shipping regions.

HHLA’s international container terminals in Odessa, Ukraine, and Tal- linn-Muuga, Estonia, recorded a slight decrease in throughput vol ume of -2.4% to 286.000 teu (vs. 293.000 teu).

Revenue of the Port Logistics subgroup decreased year-on-year by – 9.6 % to EUR 363.4 million in the first half of 2020 (vs EUR 401.7 million).

HHLA’s intermodal segment, handling container transport by road and rail, saw a decrease of -8.2% to 718,000 teu (vs 782,000 teu).

As far as the near future is concerned, HHLA stated that it could not make any reliable predictions.

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