Severe winter weather paralyzed operations at the Port of Hamburg, weighing on the earnings of port logistics group HHLA. Hamburger Hafen und Logistik AG (HHLA) announced on Wednesday that ice and snow temporarily restricted handling capacities at its three container terminals in Germany's largest seaport. Throughput at the group's Hamburg quays fell by 6.6 percent in the first quarter to approximately 1.37 million standard containers (TEU). In the rail segment, track closures, frozen switches, and other disruptions led to cancellations and delays, while geopolitical tensions also took their toll.

The Port Logistics subgroup, which is still listed and excludes HHLA's traditional real estate business, saw its operating result (EBIT) drop by 5.5 percent to 27.2 million euros. Conversely, revenue rose by 3.6 percent to 441.8 million euros. In addition to its home terminals in Hamburg, HHLA operates international ports, including Odessa in Ukraine, where handling volumes increased during the first quarter. Overall rail and road transport volumes declined, partly due to the challenging weather conditions.

In 2024, MSC, the world's largest shipping line, became a shareholder in the subgroup, while the City of Hamburg remains the majority owner. The two major shareholders intend to delist the company. Approximately three weeks ago, they set the cash compensation for minority shareholders at 21.16 euros. The squeeze-out remains subject to a resolution at the Annual General Meeting, which is scheduled for June 11.

(Reporting by Elke Ahlswede, edited by Sabine Wollrab. For inquiries, please contact our editorial office at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)