No profits revealed, but 2007 'perfectly satisfactory' for Hamburg Sud

HAMBURG Sud's 2007 cargo volume rose 17 per cent to 2.14 million TEU, a rise attributed to soaring China exports and its Trident Service between Europe, the US and Australia, which produced EUR3.6 billion (US$4.9 billion) in revenue to be shared with its Brazilian partner, Alianca.

Container operations took the lion's share of the revenue at EUR3 billion, with dry bulk tramp steamers bringing in EUR459 million and other sources producing EUR136 million.

Hamburg Sud said nothing about profits, but did concede the need to meet "sharply rising operational costs". Nonetheless, it said 2007 results were "perfectly satisfactory"

Said a company statement: "Buoyed by continuing high worldwide economic growth of over five per cent, container liner shipping recorded an increase in cargo volume of just under 11 per cent in 2007.

"With volume gains of 17 per cent, to 2.14 million TEU, the Hamburg Sud Group was once again well above the average for the industry.

"Good capacity utilisation resulted in rising time-charter rates for container vessels in almost all size classes, though without reaching the record levels of summer 2005," said the company.