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Tuesday, 16/11/2021, 06:53 (GMT +7)
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Container shipping lines increased huge profits in Q3
Container shipping lines made huge profits in the third quarter of 2021 as supply chain disruptions and port congestion remained unabated.
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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