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Tuesday, 11/02/2025, 19:52 (GMT +7)
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HMM Reports Record 3.5 Trillion Won Profit on Rising Freight Rates
HMM is set to post a record 3.5 trillion won profit in 2024 on the back of surging freight rates following the Red Sea incident, but faces challenges from trade volatility and excess supply of container ships.
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HMM Container Ship (Photo: HMM)
HMM posted its third-best operating result on record last year, boosted by rising freight rates due to geopolitical risks, especially the Red Sea incident.
HMM announced on February 11 that its operating profit for the year was 3.5128 trillion won, up 501 percent from the same period a year earlier. Revenue in the same period increased 39% to 11.7002 trillion won, while net profit soared 290% to 3.7807 trillion won. Operating profit margin reached 30%, and debt-to-equity ratio improved to 21%.
Freight rates on all routes increased sharply following the Red Sea incident due to increased cargo volume between the US and China. The Shanghai Container Freight Index (SCFI) recorded an average of 2,506 points last year, up 149% from the average in 2023.
However, the business environment this year is expected to be volatile. Unfavorable factors include trade conflicts due to the US's protectionist tariff policy, rapid restructuring of supply chains, excess supply of container ships, and a slowdown in global trade.
“Despite these risk factors, we plan to continue introducing eco-friendly container ships, including nine 9,000 TEU methanol-powered container ships,” said an HMM representative, adding, “We will push forward with measures to strengthen competitiveness, focusing on fleet expansion, portfolio diversification, and responses to environmental regulations based on the mid-to-long-term strategy announced last year for 2030.”
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Source: Phaata.com (According to CHOSUNBIZ)
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