South Korea’s HMM is cautiously positive about the near-term outlook for container shipping after posting record earnings in the first quarter.

The owner of ultra-large boxships and VLCCs said net profit was KRW 3.13 trillion ($2.43bn) to 31 March, against just KRW 154bn a year ago.

The profit margin was a whopping 64%, up from 42% in the same period of 2021.