Shipping giant HMM has reported 2024 financial performance, with a revenue of KRW 11,700 billion ($8.05bln).
Additionally, the shipping company had a net profit of KRW 3,781 billion ($2.6bln) and an operating profit of KRW 3,513 billion ($2.4bln) in 2024.
The operating margin in 2024 is 30%, while the HMM’s debt ratio remained at 21%, maintaining a solid financial position.
The Shanghai Containerized Freight Index (SCFI) averaged 2,506 points in 2024, a 149% increase from the 2023 average of 1,005 points. The highest annual level was recorded at 3,734 points on July 5, 2024, according to HMM.
“The strong performance was driven by strategic fleet expansion and network optimization deploying twelve 13,000 newbuilds, enhancing transpacific services, and launching the new FLX route—while also benefiting from the Red Sea crisis and rising US-CN trade demand,” commented an HMM official.
“Despite strong financial performance, uncertainties persist due to US tariffs, supply chain shifts, and overcapacity, which may pressure freight rates,” added the company’s representative.
Meanwhile, HMM is expanding its low-carbon fleet with nine 9,000 TEU methanol-powered and additional LNG-powered vessels.
It is also strengthening its global network with new services in the transatlantic, India, and South America.
HMM revealed in its financial results that, under its mid-to-long-term 2030 strategy, will enhance competitiveness through fleet expansion, portfolio diversification, digitalization and moving toward net-zero.
