Hamburger Hafen und Logistik AG (HHLA), the operator of the Port of Hamburg, reported a significant decline in the volumes of its multimodal transport sector in the first quarter of 2024, this is reported by the railway transport news portal Railway Supply.

Reduction in HHLA's Multimodal Transport Volumes in the First Quarter of 2024
Photo: HHLA

The total volume of multimodal transport decreased by 5.5% to 386,000 TEU compared to the same period last year.

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Specifically, rail transport volumes dropped by 3.2% to 329,000 TEU.

The main reason for the decline was the decreased activity in freight flows to and from the Slovenian port of Koper and Poland.

Revenue from the multimodal transport sector also fell by 3.5%, amounting to €151.8 million compared to €157.3 million in the first quarter of 2023.

Interestingly, the share of rail transport in the total transport volume increased to 85.4%, up from 83.4% in 2023.

This indicates the growing importance of rail transport for HHLA, despite the overall volume decline.

At the same time, HHLA’s container terminals experienced growth.

Turnover at the container terminals increased by 3.3%, reaching 1,464,000 TEU.

The main driver of this positive development was the increased trade volumes with South, Central, and North America.

Notably, cargo volumes to the USA grew significantly, compensating for the ongoing decline in volumes from the Asia-Pacific region.

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Revenue from the container terminal sector rose by 5.4%, reaching €185.3 million.

This growth was driven by the temporary extension of container handling times at Hamburg terminals, leading to increased storage fee revenues.

Against this backdrop, the operating result (EBIT) surged by an impressive 87.3%, reaching €10.7 million.

Thus, despite challenging conditions in the multimodal transport sector, HHLA managed to offset losses through successful growth at its container terminals.

Increased trade volumes with the Americas and higher storage fee revenues played a key role in improving the company’s financial performance in the first quarter of 2024.

Photo: HHLA

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