Container segment

Compared to the very weak prior-year figure, container throughput at HHLA’s container terminals rose by 2.2 % to 2,940 thousand standard containers (TEU) in the first half of 2024 (previous year: 2,876 thousand TEU).

At 2,811 thousand TEU, throughput volume at the Hamburg container terminals was up 1.7 % on the same period last year (previous year: 2,763 thousand TEU). The main drivers of this positive volume trend with regard to overseas traffic were the North, South and Central America shipping regions. There was particularly strong growth in cargo volumes for the United States. Temporary route adjustments caused by the military conflict in the Red Sea also led to a rise in cargo volumes with other European seaports. However, there as a moderate decline in throughput volumes in the Far and Middle East shipping regions. Feeder traffic volumes were moderately up on the previous year. In addition to a recovery in Swedish and Polish traffic, there was a particularly sharp rise in container throughput from Lithuania and within Germany. The Finnish and Danish cargo volumes, on the other hand, declined. The proportion of seaborne handling by feeders amounted to 18.7 % (previous year: 18.4 %).

The international container terminals reported a rise in throughput volume of 13.5 % to 129 thousand TEU (previous year: 113 thousand TEU), driven by strong growth at the multifunctional terminal HHLA TK Estonia. This more than offset the fall in throughput volume at HHLA PLT Italy in Trieste caused by ships being rerouted or cancelled as a consequence of the military conflict in the Red Sea. Seaborne handling at Container Terminal Odessa (CTO) remained suspended by the authorities due to the Russian invasion.

Segment revenue climbed significantly by 7.5 % to € 378.7 million in the reporting period (previous year: € 352.2 million). This was mainly due to longer dwell times for containers handled at the Hamburg container terminals compared to the previous year and the resulting rise in storage fees. Moreover, the positive trend at HHLA’s international container terminals contributed to the increase in revenue. In addition to revenue from handling-related activities at CTO, this was attributable to volume growth of the HHLA TK Estonia terminal in Tallinn, as well as higher revenue at the multifunctional terminal in Trieste.

There was a net increase in operating income and expenses included in the operating result (defined as EBIT costs) of 3.4 % in the reporting period. This was primarily attributable to a partially volume-related rise in personnel expenses, persistently lower other operating income and a significant increase in energy costs. However, the aforementioned cost increases in the first six months of the current year were offset to a large degree. Measures introduced in March last year to safeguard earnings at the Hamburg container terminals, as well as further transformation processes, played a major role in containing costs. There was also a sharp fall in expenses for external maintenance services, a decrease in consultancy, service and insurance costs, a partial reversal of the restructuring provision and a substantial decline in depreciation and amortisation expenses in connection with a remeasurement of the useful economic life of certain assets in the asset class “Technical equipment and machinery”. There was a year-on-year increase in EBIT costs at the multifunctional terminals in Trieste and Tallinn.

Against this backdrop, the operating result (EBIT) increased by 80.0 % to € 34.4 million (previous year: € 19.1 million), mainly due to the improved revenue trend. The EBIT margin rose by 3.7 percentage points to 9.1 % (previous year: 5.4 %).

HHLA continued to invest in climate-friendly terminal technology with a view to improving energy efficiency and thus also future cost-effectiveness. The completion of the first delivery lot of new container gantry cranes continued at Container Terminal Altenwerder (CTA). This will further enhance the already high level of automation. The first six of a total of 19 tractor units ordered have been delivered. Work to develop further electric infrastructure at the terminal will begin in the third quarter. An order has also been placed for a highly automated rail gantry crane, together with an application for additional government grants. Container Terminal Burchardkai (CTB) continued to drive the expansion and commissioning of additional automatic blocks, as well as construction work in the AGV area, thus also supporting efforts to modernise and enhance the efficiency of the terminals. Container Terminal Tollerort (CTT) took on some of the straddle carriers decommissioned at CTB as part of the efficiency programme in order to keep its own fleet cost-effective.