• 2021 May 12 12:31

    HHLA posts results for Q1 2021

    Hamburger Hafen und Logistik AG (HHLA) started the 2021 financial year off strongly, according to the company's release. Despite the continued influence of the coronavirus pandemic and the resulting global imbalances in transport flows, HHLA achieved a year-on-year increase of 26.4 percent in its Group operating result (EBIT) to € 46.3 million in the first quarter of 2021.

    The positive business development was attributable to high storage fees as a result of continued shipping delays at the Port of Hamburg as well as a strong increase in container transport volumes. Whereas container transport rose by 10.7 percent in the first quarter, container throughput fell significantly by 6.6 percent in the first three months of the year compared with the prior-year period. The decrease is due to the loss of a Far East service at Container Terminal Burchardkai in May 2020. Conversely, the Real Estate subgroup posted significant decreases in both revenue and earnings. In total, Group revenue increased by 3.9 percent to € 348.7 million.

    The listed Port Logistics subgroup recorded a 4.4 percent rise in revenue to € 342.0 million in the first three months of 2021. The operating result (EBIT) increased significantly by 33.4 percent to € 43.3 million. The EBIT margin improved by 2.8 percentage points to 12.7 percent.

    In the Container segment, the throughput volume decreased by 6.6 percent in the first quarter of 2021 to 1,677 thousand standard containers (TEU). This was mainly due to the loss of a Far East service in mid-May 2020. Cargo volumes for Far East services subsequently decreased slightly, while volumes for Middle East services fell strongly. There were also significant decreases in the United Kingdom shipping region and in feeder traffic in the Baltic region. While throughput volume at the three Hamburg container terminals was down 7.2 percent on the same period last year, the international container terminals in Odessa and Tallinn only recorded a slight decline of 0.3 percent to 143.8 thousand TEU. The multi-function terminal in Trieste went into operation in the first quarter, handling its first RoRo vessels.

    Revenue in the segment increased year-on-year by 1.3 percent to € 198.1 million in the first quarter of 2021. Volume shortfalls were more than offset by an increase in revenue quality. This was due to an advantageous modal split with a high proportion of hinterland volumes and a temporary increase in storage fees resulting from longer dwell times caused by ongoing shipping delays. The operating result (EBIT) rose by 26.6 percent to € 32.7 million. The EBIT margin improved by 3.3 percentage points to 16.5 percent.

    In the first three months of 2021, HHLA’s transport companies recorded a significant increase in volumes in the Intermodal segment. Container transport increased by 10.7 percent to 418 thousand standard containers (TEU). Rail continued to benefit more than road from the recovery in freight volumes that had already begun in the second half of 2020. Compared with the previous year, rail transport increased by 12.1 percent to 336 thousand TEU (previous year: 300 thousand TEU). There was a significant increase in traffic from both the North German and Adriatic seaports. However, the strong year-on-year growth was mainly attributable to the rise in continental traffic. The upward trend of the previous quarters continued for road transport. In a persistently challenging market environment, transport volumes increased year-on-year by 5.4 percent to 82 thousand TEU (previous year: 78 thousand TEU).

    At € 124.7 million, revenue in the segment was up significantly by 6.8 percent on the previous year. However, this increase failed to match the strong rise in transport volumes. This was due to the fact that, despite a slight increase in the rail share of HHLA’s total intermodal transportation, average revenue per TEU decreased as a result of changes to the structure of freight flows. As a result of the positive trends in volume and revenue, the operating result (EBIT) increased by 25.4 percent to € 21.6 million. The EBIT margin improved by 2.6 percentage points to 17.3 percent.

    HHLA’s properties in the Speicherstadt historical warehouse district and the fish market area were again largely unaffected by local market fluctuations in the first quarter of 2021 and were almost fully occupied at the end of March 2021.

    At € 9.1 million, revenue in the segment was down by 10.2 percent on the previous year despite the high occupancy rate. In addition to the partial waiving of rent deferrals, the decrease was primarily due to uncollectible revenue-based rent as a result of public orders.

    While maintenance volumes remained constant, the segment’s cumulative operating result (EBIT) fell short of the previous year’s figure by 28.4 percent at € 2.9 million.

    For the current 2021 financial year, HHLA still expects to see a moderate year-on-year increase for the Port Logistics subgroup, both in terms of container throughput and container transport. A moderate year-on-year increase is also expected in terms of revenue. After the operating result (EBIT) in the 2020 financial year was burdened by net provisions amounting to approximately € 43 million for an efficiency programme in the Container segment, EBIT for the Port Logistics subgroup in the range of € 140 to € 165 million is targeted for the current financial year. A slight year-on-year increase in revenue is still considered possible for the Real Estate subgroup, with an operating result (EBIT) on par with the previous year.

    At the Group level, a moderate increase in revenue and an operating result (EBIT) in the range of € 153 million and € 178 million is anticipated.

    In order to further increase productivity in the Container and Intermodal segments, capital expenditure at Group level is expected to be in the range of € 250 million to € 280 million in 2021. Of this, € 220 million to € 250 million is likely to be allocated to the Port Logistics subgroup. The main focus of capital expenditure in the Container segment will be on the implementation of a restructuring and efficiency programme and in the Intermodal segment on the renewal and expansion of the Group’s own transport and handling capacities.

    HHLA will maintain its results-orientated dividend distribution policy, which aims to pay out between 50 percent and 70 percent of the annual net profit after minority interests, in the 2021 financial year.

2021 June 23

10:09 Albwardy Damen recognised as Best New Building Yard at ShipTek Awards 2021
09:55 Rosmorport completes work on preservation of structures at international maritime terminal under construction in Pionersky
09:32 Baltic Dry Index as of June 22
09:27 MABUX: Global bunker prices do not have any firm trend on Jun 23
09:19 Oil prices rise on reduction of US reserves

2021 June 22

18:37 K”Line participates in R&D and demonstration project for CO2 marine transportation
18:13 Finnish authorities actively using EMSA’s remotely piloted aircraft to support vital coast guard tasks over the Baltic Sea
18:01 Port of Gothenburg ready to enter into joint venture with Castellum
17:57 EMSA: EU ship traffic fell by 10% in 2020 due to the COVID-19 pandemic
17:34 Ecochlor completes all land-based and shipboard testing for EcoOne™ filterless BWMS
17:15 Huntington Ingalls Industries announces first international order for REMUS 300 UUVs
17:00 Deepwater Container Terminal secured by Polish Prime Minister
16:14 New vessel brings Furetank to the UN 2050 climate goal
15:50 RF Navy ships arrive in Saint-Petersburg for IMDS-2021
15:27 Optimarin expands BWTS service offering for smart maintenance
15:14 China ports container volume rises 15.2% in January - May 2021
14:52 South Korea’s first commercialised hydrogen electric boat officially unveiled
14:46 List of check points for importing of pesticides and agricultural chemicals approved by RF Prime Minister
14:24 METIS and Geislinger integrate vibrations into Neptune Lines vessel performance trial
14:01 Kongsberg Digital to deliver real-time drilling software Sitecom® to Brazilian major Ocyan
13:42 New vessel brings Furetank to the UN 2050 climate goal
13:10 The ice thrusters for the walk to work ice breaker have been delivered at shipyard Royal Niestern Sander
12:37 ClassNK expands scope of Innovation Endorsement
12:10 MOL starts research and development on large-scale liquefied CO2 carrier
11:43 One Sea white paper sets agenda for autonomous ship safety regulation
11:00 Wärtsilä chosen to power British Columbia’s most environmentally advanced escort tugs
10:41 Oil price exceeds $75 per barrel
10:22 ABB and Keppel O&M reach key autonomy milestone with remote vessel operation trial in Port of Singapore
10:09 Crowley takes delivery of tugboat with the most compact size in the U.S.
09:50 DCSA releases interface standards for the bill of lading with API definitions
09:40 Checkpoint across RF state border opened at Passenger Port Saint Petersburg
09:26 MABUX: Global bunker prices may demonstrate firm upward evolution on Jun.22
09:13 Baltic Dry Index as of June 21

2021 June 21

18:26 The Port of València to eliminate one million plastic bottles
17:37 Elcome expands presence in Europe
17:06 Jan De Nul Group installs 72 wind turbines for the 604 MW Kriegers Flak wind farm
16:59 ICC Greenland joins the Arctic Economic Council
16:12 DNV completes successful concept verification review of Odfjell Oceanwind’s WindGrid™ floating wind power system
16:08 USCG conducts medevac 10 miles north of Manasquan Inlet, New Jersey
14:58 Port of Gdynia reports record high handling of liquid fuel
14:29 PortNews offers new edition of its magazine
13:10 Stena Line takes delivery of Stena Scandica
12:46 Average spot market price for Russian M100 product fell to RUB 22,767 pmt
12:03 KENC wins contract for design noise mitigation deployment system
11:45 State Customer Directorate announces competition for construction of 18-MW multifunctional rescue ship
11:29 Robust growth puts Inchcape Liner Division in pole position
11:13 Damen reaches major milestone in fully - electric tug project
11:01 CMA CGM announces FAK rates from the Middle East Gulf to North Europe
10:29 India to host Multimodal Logistics - Transport Summit on 29-30 September 2021
10:10 Port of Gdynia throughput in January-April 2021 rose by 6.7% YoY
10:00 Port Authority of Jamaica’s new Damen Utility Vessel 3911 arrives
09:47 MABUX: bunker indexes may rise on June 21
09:21 Oil market opens week with growing prices
09:07 Baltic Dry Index as of June 18

2021 June 20

15:12 Puerto Rico Ports Authority welcomes JAXPORT leadership to San Juan
14:32 10 consecutive months of positive year-over-year growth in the Port of Savannah
13:24 Fincantieri Marinette Marine team celebrates the keel laying of the LCS 31
12:08 IMO adopts key mandatory measures to reduce ships’ carbon intensity; establishes ship rating system
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2021 June 19

15:37 BIMCO welcomes updated IMO Compendium to advance electronic data