EUROGATE’s Profit Up despite Turbulent Market Events

Image Courtesy: EUROGATE Group

On the back of a turbulent year for container shipping, Bremen-based terminal operator EUROGATE Group recorded a 3.3 percent increase in its net profit which stood at EUR 75.9 million for the year, up from EUR 73.5 million seen in 2015.

The group’s operating result (EBIT) experienced a stronger increase at it stood at EUR 101.6 million, representing a rise of 11.6 percent from EUR 91.1 million a year earlier.

Container shipping is currently going through a phase of transition following a number of shipping company mergers and the insolvency of the Korean carrier Hanjin Shipping, which led to a realignment within the major alliances.

“Last year saw the start of an unprecedented wave of consolidation among the shipping lines. In the future, the main East-West trade lanes, which are so important to us, will be dominated by the three major alliances 2M, OCEAN Alliance and THE Alliance,” Michael Blach, Chairman of the EUROGATE Group Management Board, said.

“For EUROGATE this represents a great opportunity, because with our North Sea terminals in Bremerhaven, Hamburg and Wilhelmshaven we offer the alliances a wide range of capabilities for clearing their vessels – including the world’s biggest megaliners of the future with transport capacities in excess of 20,000 TEUs,” Blach added.

After the newly established Ocean Alliance decided to include EUROGATE Container Terminal Wilhelmshaven, Germany’s only deep-water port, in its network, the terminal operator now expects to see two major alliances representing eight shipping lines offer services for Wilhelmshaven.

Subsequently, Wilhelmshaven is set to experience a further boost, coupled with a wider range of transport and logistics services. In 2016, the container terminal again recorded a positive development with growth in handling volume of 12.9 per cent to 481,720 TEUs, while container handling volumes stagnated in Bremerhaven and Hamburg.

After a promising start in the first six months of 2016, market events had an impact in the second half-year. Bremerhaven handled a total of 5,487,198 TEUs, while EUROGATE Container Terminal Hamburg handled 2,265,439 TEUs.

Additionally, the operator’s Italian terminals increased their container throughput by 4.6 per cent to 5,012,216 TEUs.

Looking ahead, EUROGATE Group said that 2017 “will be a challenging year” as the container industry will face many changes. EUROGATE added that it will “listen to the markets and closely follow the impacts of developments in world politics, which with certain protectionist tendencies are causing a certain amount of consternation throughout the global economy.”

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