HMM ends five-year drought with Q2 profit

HMM swung back into positive financial territory during the second quarter of the year, ending five years of consecutive quarterly losses.

The South Korean carrier reported a net profit of USD 23 million for the three-month period, although the half-year result remained stuck in the red at USD -31 million. HMM reported a loss of USD 54 million in Q2 2019.

The company attributed the strong showing to its new cooperation with THE Alliance and the deployment of its 24,000 teu-class contai- nerships since April 2020.

Although liftings were down by 22% in Q2, revenue slipped only by 1.6%, showing the impact of the carriers’ capacity management pro- grammes. Over the first six months of the year, volumes declined by nearly 21% to 1.78 Mteu, resulting in a small decline of 0.9% in revenue to USD 2.226 billion.

However, operating profits leapt to USD 113 million from the previous year’s loss, while net profits also improved from last year’s USD -314 million to the aforementioned USD -31 million deficit.

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