• Home
  • News
  • HHLA posts results for H1 2022
  • 2022 August 10 15:03

    HHLA posts results for H1 2022

    Hamburger Hafen und Logistik AG (HHLA) recorded a positive performance in revenue and earnings in the first half of 2022, according to the company's release. The company benefited in particular from a further rise in storage fees in the Container segment resulting from much longer dwell times for containers at HHLA’s facilities, as well as from further increases in the rail share of HHLA’s total intermodal transportation. HHLA Group revenue rose by 9.9 percent to € 779.5 million (previous year: € 709.2 million). The Group operating result (EBIT) climbed by 11.9 percent to € 101.3 million (previous year: € 90.5 million). The EBIT margin amounted to 13.0 percent (previous year: 12.8 percent). Profit after tax and minority interests rose year-on-year by 13.1 percent to € 43.9 million (previous year: € 38.8 million).

    The listed Port Logistics subgroup recorded an increase of 9.6 percent in revenue to € 761.9 million in the first six months (previous year: € 695.1 million). The operating result (EBIT) rose by 9.4 percent to € 91.7 million (previous year: € 83.8 million). At 12.0 percent, the EBIT margin was on a par with last year’s figure. Profit after tax and minority interests increased by 10.1 percent to € 38.4 million (previous year: € 34.9 million). Earnings per share thus amounted to € 0.53 (previous year: € 0.49).

    In the Container segment, container throughput of 3,368 thousand standard containers (TEU) at all of HHLA’s terminals remained stable at last year’s level (previous year: 3,369 thousand TEU). The suspension of seaborne handling at the Ukrainian terminal in Odessa ordered by the authorities in late February as a result of the Russian invasion was primarily offset by strong growth in volume at the Estonian container terminal TK Estonia in Tallinn and by a rise in cargo volumes destined for the Far East at the Hamburg container terminals.

    At 3,167 thousand TEU, throughput volume at the three Hamburg container terminals was up 3.1 percent on the same period last year (previous year: 3,073 thousand TEU). This positive development was essentially driven by an increase in the Far East shipping region – China in particular. In addition, the acquisition of feeder services in the third quarter of 2021 and in the first quarter of 2022 led to strong growth in feeder traffic volumes. This more than offset the collapse in volumes to and from Russia since March 2022 as a result of the sanctions imposed by the EU. Feeder services accounted for 20.9 percent of seaborne handling in the first six months of 2022 (previous year: 19.8 percent).

    Throughput volumes at the international container terminals dropped by 31.9 percent to 202 thousand TEU (previous year: 296 thousand TEU). This was due to the significant decline in cargo volumes at the terminal in Odessa as compared with the previous year. The strong increase in volume at the TK Estonia container terminal resulting from the increased use of the terminal as an alternative to Russian ports, along with additional throughput volumes for PLT Italy in Trieste, were not able to fully offset the decrease.

    Revenue increased significantly year-on-year by 8.4 percent to € 438.8 million in the first half of 2022 (previous year: € 404.9 million). This was primarily due to the significant rise in storage fees at the container terminals in Hamburg, Tallinn and Trieste, which were largely brought about by longer dwell times for containers as a result of bottlenecks in the supply chain. Furthermore, additional revenue from RoRo and break bulk handling at PLT Italy had a positive effect. Against the backdrop of a temporary increase in average revenue caused by the spike in storage fees, the operating result (EBIT) rose by 26.6 percent to € 80.2 million (previous year: € 63.4 million). The EBIT margin increased by 2.7 percentage points to 18.3 percent (previous year: 15.6 percent).

    In the Intermodal segment, container transport increased overall by 2.2 percent to 851 thousand TEU (previous year: 832 thousand TEU). Rail transport rose by 4.6 percent year-on-year to 709 thousand TEU (previous year: 678 thousand TEU). In addition to moderate growth for traffic with the North German seaports, a strong increase in Polish traffic and in the German-speaking market contributed to this development. Road transport, on the other hand, saw a significant decrease in the first half of 2022. In a persistently challenging market environment, transport volumes decreased by 8.2 percent to 142 thousand TEU (previous year: 155 thousand TEU).

    With year-on-year growth of 11.4 percent to € 281.6 million (previous year: € 252.9 million), revenue growth was stronger than the increase in transport volumes. Some reasons for this were the further increase in the rail share of HHLA’s total intermodal transportation from 81.4 percent to 83.3 percent and temporary surcharges that were required in order to partially offset the spike in energy prices.

    The operating result (EBIT) decreased by 7.1 percent to € 42.8 million (previous year: € 46.0 million). The EBIT margin fell by 3.0 percentage points to 15.2 percent (previous year: 18.2 percent). The weak EBIT performance was primarily due to operational interruptions due to storm damage, ongoing disruptions to supply chains and the sudden spike in energy prices, which could only be passed on to the market after some delay.

    Revenue rose by 17.2 percent in the reporting period to € 21.5 million (previous year: € 18.4 million). In addition to the continued growth in earnings from revenue-based rent agreements, the increase was due in part to rising rental income from newly developed properties in the Speicherstadt historical warehouse district.

    Against the backdrop of revenue growth and maintenance volumes remaining almost constant, the cumulative operating result (EBIT) rose by 43.7 percent to € 9.4 million (previous year: € 6.6 million).

    HHLA’s economic performance during the first half of 2022 was largely in line with the forecast described in the 2021 Annual Report. The disclosures made in the Annual Report regarding the expected course of business in 2022 therefore continue to apply. However, the expectations for container throughput as well as earnings expectations in the Intermodal segment were lowered gradually. By contrast, expectations for the development of revenue and EBIT in the Real Estate subgroup have been upgraded. Against the backdrop of ongoing disruptions to international supply chains, container throughput in the Port Logistics subgroup is expected to be on a par with the prior-year figure (previously: moderate increase). A moderate year-on-year increase in container transport is still seen as possible.

    Taking into account the lower volumes handled in the Container segment in the second half of the year and the delayed levelling off of average revenue, the Port Logistics subgroup is still expected to see a moderate increase in revenue.

    EBIT for the Port Logistics subgroup is still expected to be within the range of € 160 million to € 195 million (previous year: € 213 million). Due to the ongoing supply chain disruptions and their impact on operations, however, the EBIT contribution of the Intermodal segment is likely to be on a par with the previous year (previously: moderate increase).

    For the Real Estate subgroup, a significant year-on-year increase in both revenue and EBIT is considered possible (previously: moderate increase for each).

    Taking into account the divergent developments of the segments, a moderate increase in revenue is still expected at Group level with an operating result (EBIT) in the range of € 175 million to € 210 million (previous year: € 228 million).

    In order to further increase productivity and expand capacity in the Container and Intermodal segments, capital expenditure at Group level is expected to be in the range of € 300 million and € 350 million in 2022. The Port Logistics subgroup will continue to account for € 270 million and € 320 million of this amount.

    Hamburger Hafen und Logistik AG (HHLA) is one of Europe’s leading logistics companies. With a tight network of seaport terminals in Hamburg, Odessa, Tallinn and Trieste, excellent hinterland connections and well-connected intermodal hubs in Central and Eastern Europe, HHLA represents a logistics and digital hub along the transport flows of the future. Its business model is based on innovative technologies and is committed to sustainability.

2022 October 1

15:31 International carbon collaboration could reshape shipping markets - ICS
13:48 14% of the Port of Valencia’s electrical energy will be of solar origin
12:17 Emissions focus from charterers promises both scrutiny and support - ICS
10:43 Finnpilot Pilotage announces a 4.7% increase in pilotage fees for 2023

2022 September 30

18:05 Port of Cardiff celebrates new distribution centre lease with Owens Group
17:59 Yaroslavsky Shipbuilding Plant launches yet another multi-purpose boat of project 02220
17:28 Hoegh Autoliners offers customers carbon neutral operations
17:05 Maersk Drilling awarded contract offshore Brazil with Shell
16:57 Twelve Chinese sailors die of suspected food poisoning near Vietnam - Australian Associated Press
16:45 CMA CGM launches new early container return incentive
16:25 Kalmar’s EcoFlex rental solution to help Logent improve the sustainability of its cargo-handling activities
16:07 Container ship Sparta delivered 340 TEU of consumer goods to Baltiysk in the Kaliningrad Region
15:51 Aqaba Container Terminal announces zero-emission vision
15:27 RF Government to allocate RUB 2 billion for creation of LNG equipment prototypes
15:14 HHLA and Fraunhofer CML start IHATEC project
15:04 LR approval in principle for Maridea’s Moray Base floating wind concept
14:48 Albania implements the IMO Anti-fouling Systems Convention
14:03 Rolls-Royce and Lürssen to focus on methanol propulsion for large yachts
13:32 Successful delivery of 1800TEU container vessel M/V “ASL HONGKONG”
13:16 DNV confirms Nordseecluster wind farms will comply with German offshore regulations
13:13 Turnover of FESCO’s Far East coastal services in 8M’2022 rose by 6%, YoY
12:53 Orsted completes divestment of 50 % of Hornsea 2 Offshore Wind Farm
12:44 Handling of Belarus’ oil products in Russian ports can total 3 million tonnes in 2022
12:21 ABS and DSME team-up on decarbonization strategy
12:01 OOCL completes trial voyage with biofuel from Chevron
11:40 Ningbo Containerized Freight Index deceases by 31.0% in September 2022
11:22 POT and EMERCOM held joint firefighting exercise on oil tanker in Saint-Petersburg
11:05 Dutch fishing vessel struck anchored product tanker, oil leak
10:37 China's first 2,000-ton offshore wind power installation platform delivered in Guangzhou - China Daily
10:33 Russia convenes emergency meeting of UN Security Council on Nord Stream 1 and Nord Stream 2 gas pipeline blasts
10:09 China ports container volume rises 4.1% in January - August 2022
09:55 Delivery of second ice-class buoy laying vessel of Project BLV03 accepted in Murmansk
09:32 Crude oil futures are slightly up after a decrease at the previous session
09:32 Brazil’s CBO Group and Wartsila sign Decarbonisation Service agreement to speed up fleet sustainability
09:21 MABUX: Bunker index may turn into downward changes on Sep 30
08:34 MABUX: Bunker Weekly Outlook, Week 39, 2022

2022 September 29

18:36 Shift Clean Energy selected to electrify 17 new tugboats
18:10 Ulstein develops 8,000t foundation installation vessel
17:50 Volgotrans files suits against Lotos shipyard for over RUB 800 million in total
17:06 Vattenfall awarded major wind power project off the coast of Germany
16:44 Krasnoye Sormovo shipyard to build three cruise ships of ‘Karelia’ design
16:34 Yinson Greentech commences construction of all-electric cargo vessel
16:18 The largest shipyard in the MENA region signs a long-term agreement with Bahri Logistics
15:56 Container shipping and logistics experts Matson joins SEA-LNG
15:04 Aker Solutions joins to the Aiming for Zero Methane Emissions Initiative
14:58 Amount of cargo transported via Bosphorus rose 40% since 2005
14:36 Hoegh Autoliners joins First Movers Coalition and commits to using green fuels already by 2030
14:25 Maritime industry unites to call for earmarking of ETS revenues
13:45 Sanmar Shipyards delivers 7th tug to SAAM Towage
13:24 Port of Cork Company launches a new 13.5-hectare container terminal
12:56 Severnaya Verf shipyard launches lead factory freezer-longliner of Project MT1112XL, Gandvik-2
12:53 China delivers first VLCC equipped with four rigid sails - The Maritime Executive
12:05 Second ship of Project 03141, Kedon, left Khabarovsk Shipyard for delivery base
11:40 Mawani signs 7 agreements during the Saudi Maritime Congress
11:03 GTT receives AiP from Bureau Veritas for the design of a LNG-fuelled & “NH3 Ready” Very Large Crude Carrier
10:23 Keppel O&M secures repeat newbuild FPSO contract worth US$2.8b from Petrobras
10:10 CPC Marine Terminal handled 382 tankers by mid-September
09:48 Long-term contracted rates fell by 1.1% in September - Xeneta
09:43 State Duma approves the bill on estimation of ship construction costs
09:19 Crude oil futures show moderate decrease after growth at previous session