Cancelled voyages take the sting out of spot rate declines this week
Container freight spot rates maintained their downward trajectory this week, as tariff uncertainty continued to ...
HMM Algeciras: Source HMM
By Mike Wackett
South Korean ocean carrier HMM has wiped out two-thirds of the losses it incurred in the past five years with a $1.95bn net profit in the third quarter.
The carrier racked up over $3bn in losses since 2016, bringing a period of financial restructuring and exclusion from a major alliance.
But the flagship carrier’s revenue in Q3 was, at $3.4bn, 134% up on Q3 20, driven by soaring container freight rates from Asia.
The carrier did not report its liftings for the quarter, ...
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