HHLA sees earnings increase by 63% despite COVID chaos

HHLA sees earnings increase by 63%

Hamburger Hafen und Logistik (HHLA) saw its earnings increase by 63.2% year-on-year (YoY) in H1 2021, which it partly contributed to high storage fees due to continued congestion at the Port of Hamburg, as well as a jump in container traffic.

In a statement, the terminal operator said it achieved this despite the uncertainty caused by the COVID-19 pandemic. Its intermodal segment performed particularly well and saw traffic rise by 16% YoY; rail increased by a “remarkable” 19.3% in a “persistently challenging market”.

Consequently, HHLA has raised its forecast for 2021 and said it expects to make between €153 million to €178 million ($179.6 million-$208.9 million).

Angela Titzrath, Chairwoman of HHLA’s Executive Board, said, “Global supply chains have been disturbed as a result of the coronavirus pandemic as well as singular events such as the recent one in the Suez Canal.

“This has resulted in massive shipping delays to which we terminal operators must adapt. However, we are conscious of our responsibility for the steady supply for consumers and companies in Germany and Europe.

“We are therefore undertaking great efforts to ensure reliable handling at our facilities and fast onward transport of containers.

“The fact that we once again achieved a positive operating result in the first half-year of 2021 despite challenging conditions is an expression of the strength of HHLA and of its ability to successfully adapt to current challenges.”

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