Soaring revenue brings record profits for HMM

A container ship of HMM (Photo: HMM)

HMM shipping line's revenue in Q1 2021 reached KRW 2,428 billion, up 84.9% from KRW 1,313.1 billion in Q1 2020. The carrier said container handling volume exceeded 6.7% in Q1 2021 at 0.95 million TEUs.

Its first-quarter operating profit was KRW 1,019.3 billion compared with an operating loss of KRW 2.0 billion in the same period last year. First quarter net profit was 154.1 billion KRW compared to a net loss of 65.6 billion KRW in the first three months of 2020.

According to HMM, the Shanghai Container Freight Index (SCFI) was at 2,780 in the first quarter of 2021 from 931 in the first quarter of 2020. The carrier said it expected freight rates to continue high in the first half of 2021, supported by supply chain disruptions and increased commodity demand.

“The widespread COVID-19 and insufficient vaccination program in many countries can lead to considerable uncertainty, negatively affecting container volumes on certain trade lanes.” HMM said in a press release.

HMM said it has added 24 additional trains to meet increased cargo demand and plans to add 120,000 TEUs of dry containers in 2021, of which 42,000 TEUs have already been deployed.

Source: Phaata.com (Adapted from SeatradeMaritime)