Hamburger Hafen und Logistik AG (HHLA) has recorded a drop in revenues and overall throughput in the first half of 2023. Specifically, the group noted a 6.7 per cent decrease in revenues, reaching 727.1 million euros. For the same period last year, HHLA’s revenues were at 779.5 million euros. As for the overall container throughput, it dropped by 14.6 per cent, primarily due to the decline of volumes originating from the Far East. The group’s intermodal segment, including rail, also marked negative results, reaching 819.000 TEU, 3.7 per cent less than last year.

In particular, HHLA’s rail-borne volumes saw a 2.5 per cent year-on-year decrease, with trains contributing 691.000 TEU to the group’s volumes. Last year, this number was around 709.000 TEU. According to HHLA, all intermodal routes were affected considerably, with the ones connecting to German and Polish seaports suffering the most losses. However, Rotterdam traffic somehow saved the day by scoring slightly increased numbers.

Foreseeable results

In total, revenues originating from intermodal activities accounted for 43 per cent of the group’s earnings in the first half of 2023, a trend that remained the same as Q1 2023 and was deemed positive by HHLA since there has been relative growth in the segment.

In contrast to the lower volumes, intermodal revenues scored an 11.1 per cent year-on-year increase (313 million euros compared to 281.6 million euros in 2022). “This was due to the rise in transport revenue in the previous year, which was adjusted to the increased costs for the purchase of services, particularly energy costs, at a later point in time,” explained HHLA.

The group’s results for Q1 2023 had already been sluggish due to the global economic, industrial and supply chain challenges and slowdown. Consequently, the half-year results come as no surprise, while there are not many expectations that the situation will improve during the year. “The global economic slowdown is also impacting the business of HHLA as a European logistics company. This means that 2023 will remain challenging, as was to be expected,” commented Angela Titzrath, HHLA’s CEO.