Despite the negative effects of COVID-19, South Korea’s national flagship carrier HMM closed 2020 with a significant earnings boost.
The shipping company reported an operating profit of $831.1 million in 2020, against a loss of $254 million in 2019. The result recorded in 2020 represents HMM’s highest ever operating profit, the company said.
What is more, the carrier’s net profit was $105 million in 2020 against a loss of $499.8 million in 2019.
HMM’s revenue rose 16.3% to $5.4 billion in 2020 from $4.6 billion in 2019.
“HMM significantly improved earnings in 2020, primarily driven by efficient fleet operations including twelve 24,000 TEU containerships, increased freight rates, and lower fuel prices,” the company explained.
Source: World Maritime news