Successful Restructuring of LHG

The path taken in 2018 towards a five-year restructuring has now come to an end. With a very good result: Even without the remaining contributions from shareholders and employees that flowed in 2022, LHG has achieved a positive result by all criteria. The restructuring has thus been successful.

(Lübeck, 02.03.2023) LHG has made good use of this time to restructure itself and further develop the terminals. Two logistics halls, a ferry hall, and paved areas that were urgently needed were created at the Scandinavian Quay. The areas and halls at the Nordland Quay are now almost completely rented out to logistics companies. LHG continues to handle the seaward transshipment. At all terminals, it can now deploy personnel more flexibly with the help of a “Mobile Deployment Group” (MEG). LHG Managing Director Sebastian Jürgens is satisfied: “We are extremely pleased and relieved that we have successfully managed the restructuring of our company. Our employees and the Hanseatic City of Lübeck played a crucial role in this success. They deserve our thanks and respect.”

The balance of the restructuring is positive, although the volumes at LHG facilities decreased by about five percent to 22.4 million tons last year. The number of trucks and trailers decreased by 4.7 percent to just over 745,000. The segment of forest products remained in a downward trend with -14 percent. The increase in iron/steel (+15 percent) and bulk goods, which more than doubled, was encouraging. The number of passengers rose by about 43 percent to over 480,000.

At the intermodal terminal of LHG subsidiary Baltic Rail Gate, transshipment only slightly decreased by about two percent to around 123,000 units. This was due to a longer closure of the track access and significant delays in rail transport, which led to many train cancellations.

LHG does not have to hide: “Despite the Corona pandemic, the loss of the Russian business, a declining economy, and a forest products business that performed significantly weaker than expected, we have managed the restructuring,” Jürgens emphasizes. In light of the further challenges that all ports are facing, the company must now confront intensified competition and work hard on further improvements.

Photo: © René Schlottmann