German port operator HHLA sees cargo traffic ramping up ahead of US election

Hamburger Hafen und Logistik AG

16/10/2024 07:00

BERLIN, Oct 16 (Reuters) - Freight trade is ramping up
considerably in the run-up to the U.S. presidential election
amid fears over rising protectionism in the world's biggest
economy, the head of German logistics company HHLA  HHFGn.DE 
said in a media interview published on Wednesday.
    "The risk that a new U.S. administration will also tighten
its economic protectionism with further tariff restrictions has
triggered a major pull effect," Angela Titzrath, CEO of HHLA,
which is the main operator of Hamburg port, told the business
magazine Capital.
    "It's incredible how trade with the U.S. has picked up this
year," Titzrath said. "Stocks are being ordered before the
election results and fed into the global flow of goods."
    Titzrath said this reinforces a positive trend for HHLA,
which is bringing Swiss-based MSC - the world's biggest
container shipping group - on board as an investor. 
    HHLA's revenue rose 4.6% in the first half of the year and
earnings increased by almost 16%, Titzrath told Capital.
    The United States goes to the polls on Nov. 5 to elect a new
president, with Democrat Kamala Harris and Republican Donald
Trump vying to succeed Joe Biden.

 (Writing by Rachel More; Editing by Eileen Soreng)
 ((rachel.more@thomsonreuters.com;))