Container shipping lines increased huge profits in Q3

Container shipping lines increase profits in the third quarter of 2021

South Korean shipping line HMM reported a staggering 9,239.2% increase in net profit in the third quarter of 2021 at 2.27 trillion KRW ($1.92 billion), compared with 24.6 billion KRW a year ago. With sales growing 133.7% to 4.02 trillion KRW in the third quarter of 2021, from 1.72 trillion KRW in the same period in 2020, the net profit margin reached 56.5% in the third quarter of this year.

“Quarterly financial performance, including revenue, operating profit, and net profit all reached a record high in Q3 2021 primarily driven by increased freight rates and efficient fleet operation including twelve 24,000 teu containerships,” commented HMM.

German shipping line Hapag-Lloyd reported a third-quarter profit of EUR 2.83 billion ($3.24 billion) compared with EUR 252 million in the same period in 2020. Profit for the first nine months of 2021 was 5.56 billion. EUR, up from EUR 388 million a year earlier. Revenue for the first nine months of 2021 has grown by about 70% to EUR 15 billion.

“Despite all the operational challenges, we achieved an extraordinary strong nine-month result. However, global supply chains are under enormous pressure, which further intensified during the peak season in the third quarter” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

RCL (Regional Container Lines) - an intra-Asia transshipment carrier - reported and described its Q3 2021 profit as “phenomenal” with THB 3.73 billion ($113.9 million), 1,349 percent higher than THB 257 million achieved by the shipping line in the same period last year. Shipping line RCL also posted 17% growth compared to Q2 2021 profit of THB 3.19 billion.

See more:

• New record: 81 container ships waiting outside the ports of Los Angeles and Long Beach
• Global supply chain disruption expected through 2022
• Profit forecast of container shipping lines is up to 150 billion USD in 2021 and possibly more next year

Source: Phaata.com (According to SeatradeMaritime)

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