HHLA, Hamburg's leading container stevedore, reported steep declines in third quarter revenue and profit as box traffic slumped in its key Asia-Europe and Baltic markets.
Profit after tax fell to $29.5 million in the three months to Sept. 30 from $72.2 million a year ago as revenue shrunk to $363 million from $511 million.
HHLA handled 1.27 million 20-foot equivalent units at its terminals in Hamburg and Odessa, Ukraine, compared with 1.92 million TEUs in the third quarter of 2008. Intermodal traffic dropped to 396,000 TEUs from 484,000 TEUs.
The Frankfurt-listed company, which is majority owned by the port of Hamburg, said it expects full year container volume to fall more than 30 percent from the record 7.3 million TEUs in 2008. Intermodal traffic is expected to decline by more than 20 percent.
HHLA said it was "especially hard hit by the global economic crisis" because of its position as Europe's top hub for trade with Asia as well as Central and Eastern Europe.
These are markets "which … in recent years enjoyed outstandingly dynamic growth [and] that have collapsed disproportionately as a result of the economic crisis," said HHLA executive board chairman Klaus-Dieter Peters.
Volume on the Asia-Europe trades fell 22 percent in the first eight months of 2009 from a year ago and volume in the Baltic region fell by as much as 50 percent -- and even more in the port of St. Petersburg.
Revenue in the first nine months was 25.8 percent lower at $1.1 billion, and operating profit slumped by just over 50 percent to $212.5 million. Box traffic was down 34.8 percent to 3.685 million TEUs from 5.652 million TEUs a year ago, and intermodal truck/rail shipments were 21.7 percent lower at 1.1 million TEUs.
But HHLA achieved what it called a "remarkable result" by posting an operating margin of 19.5 percent during the period, Peters said.
HHLA last week sought approval from the German cartel office to form a joint venture with its Bremen-based rival Eurogate to operate a network of inland container terminals.
Profit after tax fell to $29.5 million in the three months to Sept. 30 from $72.2 million a year ago as revenue shrunk to $363 million from $511 million.
HHLA handled 1.27 million 20-foot equivalent units at its terminals in Hamburg and Odessa, Ukraine, compared with 1.92 million TEUs in the third quarter of 2008. Intermodal traffic dropped to 396,000 TEUs from 484,000 TEUs.
The Frankfurt-listed company, which is majority owned by the port of Hamburg, said it expects full year container volume to fall more than 30 percent from the record 7.3 million TEUs in 2008. Intermodal traffic is expected to decline by more than 20 percent.
HHLA said it was "especially hard hit by the global economic crisis" because of its position as Europe's top hub for trade with Asia as well as Central and Eastern Europe.
These are markets "which … in recent years enjoyed outstandingly dynamic growth [and] that have collapsed disproportionately as a result of the economic crisis," said HHLA executive board chairman Klaus-Dieter Peters.
Volume on the Asia-Europe trades fell 22 percent in the first eight months of 2009 from a year ago and volume in the Baltic region fell by as much as 50 percent -- and even more in the port of St. Petersburg.
Revenue in the first nine months was 25.8 percent lower at $1.1 billion, and operating profit slumped by just over 50 percent to $212.5 million. Box traffic was down 34.8 percent to 3.685 million TEUs from 5.652 million TEUs a year ago, and intermodal truck/rail shipments were 21.7 percent lower at 1.1 million TEUs.
But HHLA achieved what it called a "remarkable result" by posting an operating margin of 19.5 percent during the period, Peters said.
HHLA last week sought approval from the German cartel office to form a joint venture with its Bremen-based rival Eurogate to operate a network of inland container terminals.