News / Derivatives losses punch massive hole in HMM bottom line as revenue doubles

HMM posted a net profit of $310m for the first six months of the year, but its bottom-line result would have been substantially better without a $1.7bn loss from derivatives transactions.

The South Korean carrier’s revenues almost doubled, compared with H1 20, to $4.56bn, (of which around 93% was attributed to its container business) from an 8.4% increase in carryings of 1.93m teu, producing an above-industry par average rate of $1,987 per teu.

Indeed, Maersk reported an average rate of $1,519 per ...