Challenging year for HHLA as Ukraine war and added costs hit results

Hamburger Hafen und Logistik AG (HHLA) recorded a 3% drop in operating profit to €220.4m (US$240m) last year as container volumes fell, owing to the war in Ukraine, while inflationary pressures added to the cost burden.

An 8% drop in handling volumes to 6.4m teu, partly due to the effects of the Russian invasion on throughput at the terminal in Odessa, proved to be a drain on earnings.

Revenue actually increased by 8% to €1.6bn (US$1.7bn), with the supply chain upheaval resulting in longer container dwell times at HHLA’s terminals in Hamburg, Tallinn and Trieste, leading to higher storage charges.