News / Bull market helps HMM wipe out years of losses with a 2021 $4.4bn profit

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South Korean flagship carrier HMM has reported a $4.4bn net profit for 2021, compared with just $100m the year before, as sales more than doubled to $11.5bn in the bull market.

The carrier finally returned to the black in Q3 20 after 21 consecutive quarters of losses which brought the shipping line to the brink of bankruptcy.

HMM attributed the outstanding earnings last year to “higher freight rates”, as well as its strategy of deploying mainly scrubber-fitted ships – more than 80% ...