South Korea’s top shipping company HMM’s operating profit rose to a record high during the second quarter on the back of growing shipping costs and strong demand.

The company racked up 1.38 trillion won in operating profit, a regulatory filing released on Friday revealed, up over 900 percent compared to the same time one year ago.

The figure also surpasses its performance during the first quarter, which stood at 1.19 trillion won in operating profit.

Revenue rose 111 percent to 2.96 trillion won over the same period while its net profit stood at 210.5 billion won.

The year-on-year rise in operating profit and revenue comes as international ocean freight rates rose for all routes including the US, while seaborne shipping volumes also grew.

The volume of shipping through container vessels also saw an 8.4 percent year-on-year increase during the second quarter, HMM said.

Its combined revenue and operating profit for the first half of this year amounted to 5.33 trillion won and 2.4 trillion won.

The upward trend is expected to continue later this year, as demand for imported goods and materials remains strong during the COVID-19 pandemic.