Port of Rotterdam posts lower earnings amid container volume decline
Port of Rotterdam has seen a decrease in its container throughput during the first half of the year, handling 6.7 million TEUs, which translates to an 8.1% decline over the same period in 2022.
At the same time, Rotterdam's box throughput fell by 9.3% in terms of tonnes reaching 64.4 million tonnes in the first six months of 2023.
Port of Rotterdam Authority believes the termination of volumes to and from Russia and the fall in imports from Asia are the main reasons for the container decline.
Meanwhile, roll-on/roll-off traffic (RoRo) dropped 3.2% to 13.3 million tonnes. In addition to declining demand due to high inflation and stockpiling, the RoRo segment is also affected by the weak UK economy, according to the port statement.
Additionally, the general cargo segment fell to 3.4 million tonnes, marking an 11.5% year-on-year fall. "The main reason is that a lot of general cargo is again being shipped in containers given the low container rates," noted the Dutch port.
In the same period, the Port of Rotterdam Authority saw increased revenue but lower earnings and profits.
Revenue, mainly from port dues, and rental and leasehold income, was €4.3 million (US$4.8 million) higher than in the first half of 2022 climbing at €416.5 million (US$465 million). However, operating expenses have also risen by €10.2 million (US$11.4 million) to €134.6 million (US$149 million).
As a result, earnings before tax, interest, depreciation and amortisation (EBITDA) fell by €5.9 million (US$6.5 million) to €281.9 million (US$316.3 million) and the net result was down €26.1 million (US$29 million) at €116.5 million (US$130 million).
Source: Container News
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