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Largest German port reports good 2022 result despite global ship congestion

Tan KW
Publish date: Fri, 24 Mar 2023, 09:58 AM
Tan KW
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BERLIN, March 23 -- Hamburg, Germany's largest port, achieved a "good result" in 2022 despite global supply chain problems caused by ship congestion, operator Hamburger Hafen und Logistik AG (HHLA) said on Thursday.

While earnings before interest and taxes (EBIT) fell slightly year-on-year to 220.4 million euros (240.2 million U.S. dollars), sales increased by 7.7 percent to 1.6 billion euros.

"HHLA reliably fulfils its remit to ensure secure supply within Germany and Europe," Chief Executive Officer Angela Titzrath said in a statement, stressing that 2023 would be another year with "much uncertainty."

After peaking at almost 14 percent at the end of last year, the congestion of global container shipping has since eased. However, global trade in goods "seems anemic," the Kiel Institute for the World Economy (IfW Kiel) said Tuesday.

With 2.46 million twenty-foot equivalent units (TEUs), China was once again the Port of Hamburg's number one trading partner last year "by a wide margin," according to the port's marketing team (HHM).

The most important product groups imported from China and handled at the Port of Hamburg included machinery, chemicals and metals. Wood products, food and vehicles, on the other hand, were among the goods that were frequently shipped to China, according to HHM.

The port's 2022 result comes at a time when it is unable to handle the arrival or departure of large vessels requiring pilotage due to strikes in Germany's public sector.

The "massive restrictions" already in place since Wednesday would not be lifted until Friday morning with the end of the strike action, Hamburg Port Authority told Xinhua on Thursday. (1 euro = 1.09 U.S. dollar)


  - Xinhua


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