The Hamburg Port Logistics Company HHLA Started the New Fiscal Year with Losses

The company recorded a loss of 1.1 million euros in the first quarter, compared to a profit of 2.8 million euros in the same period last year. Ongoing crises and geopolitical tensions, particularly the military conflict in the Red Sea at the beginning of the year, disrupted European maritime traffic and had a negative impact on hinterland transport. Despite these challenges, revenue remained stable at around 364 million euros.

Here's the translation of the heading:

"Container throughput volumes increased by 3.3 percent to just under 1.5 million standard containers (TEU), a bright spot in a difficult quarter. Yet, earnings before interest and taxes fell by nearly a quarter to 17.4 million euros. For the full year 2024, HHLA still expects a moderate increase in turnover and an operating result (EBIT) between 85 and 115 million euros."

To strengthen the stability of the port and, in particular, the container handling, the Hamburg Senate plans to bring the shipping company MSC on board. The City of Hamburg and MSC are to run Hamburger Hafen und Logistik AG as a joint venture, with the city retaining a narrow majority of 50.1 percent. Currently, the city holds about 70 percent of the publicly traded HHLA. This strategic partnership aims to consolidate the port's position and to be better prepared for future challenges.

The HHLA stock temporarily recorded a decline of 0.36 percent to 16.74 euros via XETRA.