Hyundai Merchant Marine scores $ 831 million turnover in 2020
Highest operating profit ever recorded in the worst year ever. 2020 ends on a positive note for Hyundai Merchant Marine, with an $831 million turnover. 2019 had closed with a loss of $254 million.
Its EBITDA was also good, hitting $105 million versus a $500 million loss in 2019
Efficient fleet management, increased freight rates and low fuel costs contributed positively to the South Korean shipping line’s annual results.
Their excellent performance was recorded in spite of the annual drop in goods throughput volumes: 3.9 million TEUs compared to 4.3 million in 2019.
The company expects many setbacks (disruptions in the logistics chain) during the first quarter of the year, due to the shortage of equipment (containers) and the lack of hold space on board ships. Nonetheless, the company is confident in the spread of vaccination coverage, which- it argues – will allow the recovery of consumer spending, together with the reduction of pressure on freight rates.