Grupo TMM said it expects to log a sharp reduction in annual losses thanks to a rebound in economic activity and the addition of three vessels.

The Mexican shipowner and terminal operator told the US Securities & Exchange Commission that it expects to record a net loss of MXN 248m ($12.2m) in 2021, down from MXN 403m in 2020.

The prediction was revealed in a filing in which the company, whose shares trade on the US over-the-counter market, said it could not file its annual report on time.