Hamburg remains profitable despite dwindling container volumes

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.

Source: www.schednet.com