Annual Report 2023: Back to normal level

After two very successful years in a row, a. hartrodt entered calmer waters again in 2023 under difficult conditions. The energy crisis in Europe, a weakening economy in China as well as the wars in Ukraine and the Middle East left their mark: Freight forwarding revenue fell by 41.1 percent year-on-year to just under 517 million euros, while the operating result (Ebit) dropped by 77.2 percent to 11.5 million euros. Despite high volume declines, customer losses remained "manageable", emphasized Managing Partner Felix Wenzel when presenting the annual report: "Our high service quality has been rewarded."

Lower transport volumes due to China's economic problems

Last year, a. hartrodt handled 2.85 million tons of freight worldwide – 17.3 percent less than in 2022. This was mainly due to economic problems in China, where numerous foreign investors have withdrawn. "This had a negative impact on transport volumes," says Managing Partner Jan van Tienhoven. At the same time, global competition has "intensified into an extremely fierce market".

Falling rates drag down sea and air freight turnover

Falling freight rates had a particularly strong impact on the sea freight segment, which generates the highest revenue and fell significantly by 46.9 percent last year. In air freight, the second most important pillar, the decline was more moderate at 33.1 percent, as the rates started to fall earlier. The 40,340 square meter warehouse area recorded 16.9 percent less turnover because high inventories were reduced. The truck business picked up slightly more momentum with an increase of 1.4 percent. In regional terms, Europe remains the strongest source of income, accounting for around half of global freight forwarding revenue, followed by the growth markets of Asia and America.

Due to the unchanged, difficult general conditions, a. hartrodt continues to run on sight. In 2024, Chief Financial Officer Andreas Schroen expects "that we could get close to 2023 if we make an effort". In the medium term, an equity ratio of 36.3 percent will secure the growth course.