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Container lines rack up huge Q3 profits

Photo: HMM HMM Algeciras (002).png
HMM one of the container lines subject to the FMC inquiry
Container lines raked in massive profits in the third quarter as supply chain disruption and port congestion continued unabated.

South Korean line HMM reported net profits up a staggering 9239.2% in Q3 2021 at KRW2.27trn ($1.92bn), compared to KRW24.6bn a year earlier.  With revenues up 133.7% to KRW4.02trn in Q3 2021, from KRW1.72trn during the same period of 2020, net margin stood at 56.5% in Q3 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,” HMM commented.

German line Hapag-Lloyd reported Q3 profit of EUR2.83bn ($3.24bn) compared to EUR252m in the same period in 2020. Profits for the first nine months of 2021 were EUR5.56bn, up from EUR538m a year earlier. Revenues rose in the first nine months of 2021 by around 70% to EUR15bn.

“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.

Intra-Asia and feeder company Regional Container Lines (RCL) reported what it described as a “phenomenal” Q3 2021 profit of THB3.73bn ($113.9m) some 1,349% higher than the THB257m it made in the same period a year earlier. It is also represents a 17% growth over Q2 2021 profit of THB3.19bn.

 

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