Thai intra-Asia carrier Regional Container Lines’ net profit for Q1 2021 grew 240-fold to THB2.94 billion (US$94.19 million), a figure the management described as “phenomenal” as it was more than double the THB1.3 billion (US$43.42 million) net profit for 4Q 2020.
Although cargo volume grew by just 6% from Q1 2020 to 517,000TEU, the shortage of capacity placed upward pressure on freight rates, pushing Q1 net profits 68% higher than the net profit for all of 2020.
Tight capacity saw freight jump...