HMM registers strong financial performance in 2024
HMM has reported strong financial performance in 2024, with revenue of KRW 11,700 billion, net profit of KRW 3,781 billion and operating profit of KRW 3,513 billion.
The operating margin in 2024 was 30%, demonstrating its competitiveness in the global shipping market.
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.)
The strong performance was driven by strategic fleet expansion and network optimisation—deploying twelve 13K newbuilds, enhancing transpacific services, and launching the new FLX route, while also benefiting from the Red Sea crisis and rising US-CN trade demand, highlighted a release.
Outlook & plans Despite the strong financial performance, uncertainties persist due to US tariffs, supply chain shifts and overcapacity, which may pressure freight rates.
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.
Under its mid-to-long-term 2030 strategy, HMM will enhance competitiveness through fleet expansion, portfolio diversification, digitalisation and moving towards net-zero, the release added.
Source: Exim News Service: Seoul, Feb. 11