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TRANSPORT & LOGISTIC * UK - Ports stays profitable despite falling volumes
In stark contrast to container shipping, ports and container terminals remain profitable despite the recession in the container sector
London,UK -Transport Intelligence, by Thomas Cullen -16 Nov 2009: ... For example Hamburger Hafen und Logistik AG (HHLA), which is the largest stevedore at the port of Hamburg and one of Europe's leading terminal operators, remains in profit despite a savage fall in container throughput... In its third quarter results, released on Friday, HHLA estimates that the number of containers handled for the whole year will be 30% less than that in 2008... HHLA has also been affected by a severe downturn in its investments in Black Sea terminals and increasing competition for Hamburg from Belgian and Dutch ports who are able to access the Baltic trades more effectively due to lower short-sea shipping rates... Despite this adverse business climate HHLA remains profitable. On a year-on-year basis revenue fell by 26% to €746m whilst earnings before interest and tax (EBIT) more than halved to €130m. Yet the company predicted that profit margins would continue to be between 14-16%... In part the ability to remain profitable has been due to HHLA reducing its labour costs through the 'Kurzarbeit' system as well as reducing investment...Labels: transport and logistics news
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