HHLA lowers earnings target as Hamburg terminals hit by Russian and Chinese economic woes
German port logistics group Hamburger Hafen und Logistik AG (HHLA) has announced a change in its earning target after its Hamburg terminals were hurt by Russia and China’s economic problems.
As the container segment of the company has been experiencing persistently weak and continually decreasing volume development this year, it announced that its container business will not meet the previously operating result of between €125m (US$140.2m) and €135m (US$151.4m). However, it did not specify what it now expects the container business to make.
An HHLA spokesperson told CM that its container throughput, which accounted for about 62% of its revenue in 2014, declined sharply in each of the company’s three terminals in Hamburg in the period from January to September 2015 as a reflection of the slowdown in world trade growth.
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