Hamburg remains profitable despite dwindling container volumes

Time:2009-11-20 Browse:61 Author:RISINGSUN

HAMBURG stevedores and terminal operators have weathered the fall in throughput, with stevedores such as Germany`s Hamburger Hafen und Logistik AG (HHLA) continuing to operate in the black.
In its third quarter earnings report, HHLA forecasted a 30 per cent drop in the number of containers handled for the year. But HHLA chairman Klaus-Dieter Peters predicted a modest upswing over the next few months, in what is being viewed as a positive sign for Germany`s battered manufacturing sector.
Despite the rosy outlook, Hamburg continues to face stiff competition on Baltic trade routes from Dutch and Belgian ports, which offer lower short-sea rates, the UK`s Transport Intelligence reported.
Base revenue for the quarter came in at EUR746 million (US$1.1 billion) - down by 26 per cent year on year. Earnings before interest and tax meanwhile fell to EUR130 million.