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.

Expectations for a slimmer net loss came on the back of a significant improvement in operating results, which saw the company’s operating loss shrink to MXN 210m from nearly MXN 329m in 2020.

“The improvement in our operating income is primarily attributable to the Company’s recovery as a result of the gradual resumption of commercial activity in the various sectors in which we operate, as well as the commencement of operations for three specialized vessels contracted by one of our main clients from August 2021,” Grupo TMM said.

In a brief filing without details on revenue and standard expenses, the company said it also recorded MXN 169m in “other expenses” in 2021, down from MXN 257m a year earlier.

Those expenses, made up of costs from the company’s non-recurring operations, were tied to the recognition of contingent assets, the sale of the 15,472-dwt chemical tanker Olmeca (built 2003) early last year and expenses tied to the cancellation of the lease on TMM’s former headquarters in Mexico City.

The Olmeca, which has since been renamed T Arturus, fetched $5.25m in a sale to Turkey’s Ditas Shipping, according to VesselsValue.

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