HAMBURG SUD 2002 RESULTS ôSATISFACTORYö DESPITE EARNINGS DROP
The Hamburg Sud group, which operates a network of liner services, said its 2002 results 'proved satisfactory,' despite drastic declines in turnover and earnings.
The group did not report earnings, but said revenues were off 11.7 percent to 1.73 billion euros ($1.94 billion) in 2002. Hamburg Sud blamed the revenues dip on a 'substantial' decline in charter rates in tramp shipping, pressure on southbound South American freight rates, and negative exchange rate effects from a weak U.S. dollar.
Hamburg Sud said cargo volumes for its liner services improved 3 percent to 775,000 TEUs, due in part to enhanced links to the Far East. The group's TEU capacity increased 11 percent, with 46 vessels deployed on liner services compared with 45 in 2001.
The group operates services under the brands Hamburg Sud, Columbus Line, Alianca, Crowley American Transport and — with the acquisition of British shipping company Andrew Weir last year — Ellerman.