KOREA's HMM (Hyundai Merchant Marine) posted a first quarter net profit of KRW154.1 billion (US$13.6 million, reversing itself from last year's quarterly net loss of KRW65.6 billion. First quarter revenue in 2021 was KRW2428 billion. up 84.9 per cent year on year.

HMM said first quarter container handling volume was 6.7 per cent higher to 95 million TEU year on year.

HMM's monthly market highlights document showed the Shanghai Containerised Freight Index (SCFI) at 2,780 TEU for the first quarter 2021 compared to 931 TEU in Q1 2020.

The company said it expects higher freight rates will continue through the first half of 2021, supported by supply chain disruptions and increased cargo demand.

"The widespread Covid-19 and insufficient vaccination programme in many countries can lead to considerable uncertainty, negatively affecting container volumes on certain trade lanes," HMM said in a press release.

HMM said it had added 24 extra loader vessels to handle increased cargo demand, and had plans to add 120,000 TEU of dry containers in 2021 of which 42,000 TEU had already been deployed.