Hamburger Hafen und Logistik AG (HHLA) has recorded a positive performance in revenue and earnings in the first half of 2022 – whilst container segment’s growth suffered supply chain hurdles.
The group’s revenue rose by almost 10 per cent to €779.5 million ($797 million) in H1 2022, benefiting from a further increase in storage fees and longer dwell times for containers at its facilities.
Operating result (EBIT) climbed by nearly 12 per cent to €101.3 million ($103.5 million).
In the container segment, HHLA has reported a stable throughput of 336,800 TEU on par with last year’s figures. Loss owing to the suspension of seaborne operations at Ukrainian terminals was offset by a strong growth in volumes at the Estonian container terminal TK Estonia in Tallinn and by a rise in cargo volumes destined for the Far East at the Hamburg container terminals, said the company.
Throughput volume at the three Hamburg container terminals was up 3.1 per cent compared to the same period last year driven by an increase in the Far East shipping region – China in particular.
In addition, the acquisition of feeder services in the third quarter of 2021 and in the first quarter of 2022 led to strong growth in feeder traffic volumes, once again levelling up the collapse in volumes due to the Russia-Ukraine conflict and sanctions imposed by the EU.
READ: War in Ukraine driving skyrocketing shipping costs
Throughput volumes at the international container terminals dropped by 31.9 per cent to 202,000 TEU.
HHLA said its port logistics subgroup’s revenue climbed year-on-year by 8.4 per cent to €438.8 million ($448.6 million) in the first half of 2022, an increase primarily driven by a significant surge in storage fees at the container terminals in Hamburg, Tallinn and Trieste – largely brought about by longer dwell times for containers as a result of bottlenecks in the supply chain.
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“For more than two years now, we have all experienced how volatile the logistics sector is,” commented Angela Titzrath, Chairwoman of HHLA’s Executive Board.
“The restrictions in place to fight the coronavirus pandemic, weather conditions, road and rail construction work and now the war in Ukraine with the subsequent sanctions against Russia have a massive impact on global supply chains.”
Although the reported economic performance was in line with HHLA’s forecast, the company has curbed expectations for the container and intermodal segments.
“HHLA may have successfully completed the first half of 2022, but the disruptions to supply chains still continue to pose major operational challenges for us,” added Titzrath.
“It is not currently clear when this situation will return to normality or what consequences the global crisis will have for the economy and for society.
“HHLA is doing everything it can to contribute to the reliable supply of businesses and consumers. We are continuing to focus on the implementation of our strategy, which is based on growth and sustainability – especially in these uncertain times.”
Last month, HHLA and EUROGATE said they will delay talks on future cooperation in the face the ongoing Russia-Ukraine conflict.
