• 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 15

18:36 Port of Rotterdam Authority and RRP launch joint study into Delta Corridor pipelines between the Netherlands and Germany
18:14 Throughput of port Primorsk in 5M’2021 fell by 17% Y-o-Y
17:53 Average spot market price for Russian M100 product rose to RUB 22,962 pmt
17:32 Russia’s State Duma passes bill on nearshore fishery
17:05 Ørsted plans carbon capture at Avedøre Power Station as part of the Green Fuels for Denmark project
16:50 Throughput of port Kavkaz in 5M’2021 fell by 23% Y-o-Y
16:35 TECO 2030 to cooperate with Chart Industries, Inc. on developing marine carbon capture and storage solutions
16:05 EPS joins ammonia bunker study
15:35 NYK to build 12 LNG-fueled PCTCs
14:51 Throughput of port Vyborg in 5M’2021 rose by 34% Y-o-Y
14:27 Throughput of port Vysotsk in 5M’2021 fell by 10% Y-o-Y
13:49 DNV launches new Compliance Planner tool for easy regulatory tracking and compliance
13:48 Throughput of Taganrog port in 5M’2021 climbed by 16% Y-o-Y
13:20 Krasnoye Sormovo shipyard delivers dry cargo carrier Viktor Andryukhin
12:56 Port of Ust-Luga throughput in 5M’2021 fell by 3% Y-o-Y
12:35 RF Government approves draft law on regulation of offshore handling operations
12:33 Major contract for Payra Port’s next dredging phase awarded to Jan De Nul
12:07 Samskip Multimodal secures key approval to restart trailer transport by rail through Denmark
11:49 Throughput of Port St. Petersburg climbed by 2% in 5M’2021
11:28 VIKING signs contract for five more Hellenic Coast Guard ambulance boats
11:02 Port of Helsinki throughput in January-May 2021 rose by 7.4% YoY
10:52 2 MOL-operated vessels recognized by Japan Meteorological Agency for ongoing contributions to weather research and forecasting
10:37 Throughput of port Shanghai (China) in 5M’2021 rose by 15% YoY
10:14 APM Terminals Yucatan 2 years without accidents
09:59 Institute for the World Economy study underlines the importance of the Kiel Canal for all of Germany and Europe
09:53 Port of Ventspils throughput in January-May 2021 fell by 12% YoY
09:35 Oil prices rise driven by demand prospects
09:18 Baltic Dry Index as of June 14
08:47 MABUX: Global bunker prices do not have firm trend on June 15

2021 June 14

17:46 Fincantieri and MSC celebrate the start of construction of “Explora I”,
15:52 ABS and 22 industry players to study ammonia as an alternative marine fuel
15:18 ICS Guidance for Ship Operators and Roadmap for vaccination of seafarers
14:09 Bollinger submits proposal for U.S. Coast Guard Heritage-class offshore patrol cutter
13:19 Genco to jointly study ammonia as an alternative marine fuel
12:31 Wärtsilä brings Power-to-X technology to World Expo
11:57 Trafigura joins cross industry study into the adoption of green ammonia as an alternative marine fuel
11:24 DFDS: Freight up 31% following lockdowns in 2020
10:32 SEACOR Marine announces debt payoff agreement
09:47 Kick off “Joint Study” framework for studying ammonia as an alternative marine fuel
09:13 MABUX: bunker indexes may change irregularly on June 14

2021 June 13

15:31 Petrobras signs contract for the supply of eighth Búzios unit
14:18 Lyon Shipyard to invest $24.4 million to expand its operation in the City of Norfolk
13:29 Shearwater GeoServices recycles Western Trident as part of its fleet renewal strategy
12:41 MCA to carry out unannounced inspections of fishing vessels
11:42 The 126-passenger expedition cruise vessel National Geographic Resolution hits the water
10:56 Saipem: Inauguration of Saipem Guyana offshore construction facility in Georgetown

2021 June 12

16:09 Fred. Olsen Cruise Lines unveils brand new sailings aboard new ships Bolette and Borealis in 2022
14:21 "Blowdown" to reduce risk and raise decommissioning progress
13:42 Roambee announces a strategic investment from and partnership with PSA unboXed
13:19 Belfast Harbour awards £25,000 to community projects
12:41 Maurice GEORGES named as new Chair of the Executive Board of Dunkerque-Port
11:38 AIDA Cruises resumes holiday voyages from July 29, 2021
10:52 OptiLink: A digital revolution in ballast water management

2021 June 11

18:07 LNG consumption as a marine fuel has almost doubled in 2020
17:31 Hapag-Lloyd to provide full transparency on vessel arrivals
17:09 MOL joins international think tank and accelerate development for carbon capture, utilization and storage
16:58 GTT obtains tank design order for two new LNG carriers from Samsung Heavy Industries
16:52 Shipping industry welcomes Nigeria’s creation of ‘Deep Blue’ to stamp out piracy in the Gulf of Guinea
16:24 Stena Line will move its Europoort-Killingholme service to Immingham
16:00 Yantar shipyard to build rescue ship of Project MPSV06M for Marine Recue Service