Joining the throng of Asian carriers reporting strong financials, HMM saw revenue increase 18.6% to KRW 4,993 billion (USD 3.06 billion) in 1H 2024 from KRW 4,212 billion in 1H 2023.
More impressively, net profit climbed 88% to KRW 1,146 billion, and the operating profit rose 125% to KRW 1,051 in H1 2024.
HMM says its operating margin for H1 was 21.1%, which it says is the highest level among global carriers.
The line noted the Shanghai Containerized Freight Index (SCFI) increased from 976 points in 1H 2023 to 2,319 points in 1H 2024, a more than twofold increase. “A boost in freight rates and the strengthening of profitability-oriented operations resulted in a growth in revenue and profits,” it said.
Comparing Q2 2024 to the year prior, revenue this year reached KRW 2,663 billion compared to KRW 2130 billion in 223, up 25%; operating profit soared 302% from KRW 160 billion in 2Q 2023 to KRW 655 billion this year; and net profit jumped 111% from KRW 313 billion in 2Q 2023 to KRW 661 billion this year.
In comments to the result, HMM said: “Considerable uncertainties as a result of geopolitical risks and global trade tensions will probably make a sudden shift in the global shipping market.
“HMM plans to make an ideal transportation service network in line with changes in supply and demand by route and region, such as obtaining new shipbuilding and used ships, launching new routes (FLX routes) in Mexico, and stressing diversifying enterprises.
“HMM will prepare for the rapidly changing market situation by introducing ultra-large vessels, strengthening eco-friendly competitiveness and digitalization, reducing costs and pursuing profitability-oriented operations,” it said.
