HHLA Reports Mixed Q1 2024 Results Amid Economic Challenges and Supply Chain Disruptions

HHLA announced mixed financial outcomes for the first quarter of 2024, driven by a slow market and continuous global crises. The company saw a marginal revenue decline, dropping by 0.3 percent to €363.6 million compared to €364.7 million in the same period last year. Economic slowdowns and geopolitical tensions, compounded by a military conflict in the Red Sea, led to extensive shipping delays and cancellations, notably impacting revenue generation.

Despite these disruptions, container throughput showed a slight increase of 3.3 percent to 1,464 thousand TEU. However, container transportation witnessed a contraction of 5.5 percent, settling at 386 thousand TEU. The operating results also echoed these adversities, with the Group's EBIT dropping significantly by 23.9 percent from the preceding year's figures, down to €17.4 million.

Angela Titzrath, HHLA's CEO, highlighted the strenuous start to 2024, with the Red Sea conflict severely disrupting the supply chains. She underlined the company's commitment to advancing its transformation agenda amidst these uncertainties, focusing on network expansion and modernization efforts. Despite the adverse conditions, HHLA confirmed its financial outlook for 2024, indicating no need for adjustments from the predictions made in the 2023 Annual Report.