EUROPE

Eurogate puts back investment

16 years ago

Eurogate has confirmed that it is postponing some planned investments, although it has stressed that it remains committed to its main terminal projects.

Port Strategy: Hamburg is one of few terminals to escape Eurogate's cuts. Credit: Vielmo and EUROGATE

The operator will continue to expand its Hamburg terminal, which should be completed by 2019. Group president Thomas Eckelman also confirmed that development of the deep water Wilhelmshaven port will go ahead as planned.

For the current year, the group forecasts a similar result to that of last year, when throughput fell by 12.3%. In 2009, income dropped 17.3% to €591.4m ($751.6m), while its EBITDA figure dropped 26.2% to €149.6m ($190.1m). Net income plummeted 59% to just €47.8m ($60.7m).

Nevertheless, the group has not had to shed workers, said Mr Eckelmann.