HHLA saw the container handling volume falling by more than 12% to 6.56m in its ports in Hamburg and Odessa while the number transported on-land (i.e. by Intermodal) was up by 2.7% to 1.32m. As a result, the group’s revenue fell by 5% to €1.14bn and EBITDA and EBIT were both down by 4% and 7.5% to €281m and €157m, respectively. Net earnings (before minorities) increased by 6% to €96m. All of these numbers are short of our projections. However, although management is
