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EUROKAI – Interim Group Management Report – Handling Volumes – As Of 30 June 2019

EUROKAI – Interim Group Management Report – Handling Volumes – as of 30 June 2019

EUROKAI – Interim Group Management Report – Handling Volumes – As Of 30 June 2019Source: Autorita’ di Sistema Portuale del Mare Di Sardegna

Hamburg, Germany (PortSEurope) October 1, 2019 – EUROKAI GmbH & Co. KGaA, based in Hamburg, Germany, has published its Interim Group Management Report as of 30 June 2019, which includes volumes handled in the period.

EUROKAI companies operate container terminals, in some cases with partners, at La Spezia, Ravenna and Salerno in Italy, in Hamburg, in Bremerhaven, in Wilhelmshaven (Germany), in Tangier (Morocco), in Limassol (Cyprus), in Lisbon (Portugal) and in Ust-Luga (Russia). The group further has holdings in a number of inland terminals and railway-operating companies.

In the first half of 2019, Italian terminals handled 1.002 million TEU, down 3.1% compared to the same period of 2018:

TerminalFirst half year 2019 (in TEUs)First half year 2018 (in TEUs)Change (%)
Bremerhaven2,496,3332,702,737 -7.6
Total Germany3,938,5953,755,7254,9
La Spezia668,652656,9851,8
Total Italy1,002,5841,034,381-3,1
Total Other1,067,0981,006,1816,1
Grand Total6,008,2775,796,2873,7

The Italian terminals are operated by Contship Italia.

Contship Italia S.p.A. of Melzo, Italy, is the holding company of the CONTSHIP Italia Group. The most important stakeholdings are La Spezia Container Terminal S.p.A., Sogemar S.p.A. and Hannibal S.p.A. of Melzo, – the latter two engaged in intermodal business – OCEANOGATE Italia S.p.A. of La Spezia, and Rail Hub Milano S.p.A. (all in Italy).

CONTSHIP Italia Group (excluding handling volumes of Medcenter Container Terminal, sold in April 2019), recorded 1,002,584 TEU (previous year: 1,034,381 TEU), which was an overall fall in handling of – 3.1%, due to the continued decline in volumes at the transhipment terminal in Cagliari (-52.1%). Handling volumes were up at La Spezia (+1.8%) and Salerno (+9.3%).

In the CONTSHIP Italia segment revenue fell, mainly due to the sale and deconsolidation of Medcenter Container Terminal S.p.A., to €145.2 million (previous year: €161.8 million). Contship Italia S.p.A. sold its 50% shareholding in CSM Italia-Gate S.p.A. (CSM), the holding company of Medcenter Container Terminal (MCT), in April 2019.

The handling volumes and IFRS results for the Italian companies showed the following trends in the period under review:

The Cagliari International Container Terminal – CICT Porto Industriale Cagliari S.p.A., in which Contship Italia, following a sole capital contribution which led to a complete exit of the minority shareholder, now has a 100% stakeholding – handled 52.1% less in the first half year 2019 than the previous year, due to changes in the scheduled services of its principal customer Hapag-Lloyd AG in consequence of the restructuring of the THE Alliance and final associated handling of THE Alliance vessels at the start of June 2019, its handling figures standing at 52,697 TEUs (previous year: 110,058 TEUs). Thus the company’s half-yearly result worsened accordingly, leading to a loss.

La Spezia Container Terminal S.p.A. is a 60% stakeholding of Contship Italia. The company, posting a further rise in handling volumes of 1.8% to 668,652 TEUs (previous year: 656,985 TEUs), saw a significantly improved half-yearly result compared with the same period of the previous year. The 100% CONTSHIP Italia subsidiary Sogemar continues to hold 100% of the shares in Hannibal S.p.A., OCEANOGATE Italia and Rail Hub Milano, for which it provides letting, management and IT services. The company is posting a significant rise in its half-yearly result for the period under review, due to the costs suffered in the same period of the previous year as a result of the railway accident in Pioltello. Hannibal, along with international container carriage, also undertakes the national truck and rail operations of the CONTSHIP Italia Group. The company’s half-yearly result improved significantly due to a rise in transport volumes of 11.4%.

The result in the same period of the previous year had been impacted by temporary operating restrictions due to the railway accident in Pioltello and had consequently declined and been in slightly negative territory. OCEANOGATE Italia successfully increased its activity as a rail operator slightly in the period under review beyond the solid level of the previous year, thus posting a positive half-yearly result above the level of the previous year.

Rail Hub Milano operates the inland terminals of the CONTSHIP Italia Group in Melzo and Rho. The number of trains handled in international transport stood at 12.6% above the level of the previous year. This being so, the company is also showing an increased and positive half-yearly result again compared with the previous year.

Handling volumes at EUROGATE Tanger S.A. of Tangier, Morocco, in which the EUROGATE Group and the CONTSHIP Italia Group each have an indirect 20% stakeholding, rose in the period under review by 12.0% to 767,973 TEUs (previous year: 685,453 TEUs). Thus the company’s half-yearly result has continued to improve on the previous year.

Due to the continuing Russia crisis, during the period under review JSC Ust-Luga Container Terminal of Ust-Luga, Russia, in which the EUROGATE Group has a 20% stakeholding, saw a 24.6% drop in container handling, which stood at 29,173 TEUs (previous year: 38,676 TEUs).

Since the end of the year, however, coal handling has also been taking place here. The half-yearly result, which was positive again, improved significantly on the previous year due to the positive effects of the coal handling.

The EUROGATE Group has a 60% stakeholding in EUROGATE Container Terminal Limassol Limited, Cyprus. The further partners in the consortium are Interorient Navigation Company Ltd. (20%) of Limassol, Cyprus and East Med Holdings S.A. (20%) of Luxembourg.

In the first half-year 2019 the company handled 199,566 TEUs (previous year: 195,639 TEUs, 2.0%). The company is posting a half-yearly result in the period under review which is an improvement on the previous year and remains positive.

Handling volumes at the 16.34% stakeholding LISCONT Operadores de Contentores S.A. of Lisbon, Portugal have to date still been on a downward trend due to continuing strikes, its handling figures standing at 70,386 TEUs (previous year: 86,413 TEUs, -18.5%).

Consequently the company is posting for the first half year 2019 a result which is down on the same period for the previous year, but which is still positive. In May and June the handling situation stabilised appreciably again.

Fuller details of EUROKAI terminals can be accessed here.


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