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HMM’s net profit soared 290% to KRW 3,781 billion ($2.6 billion) in 2024 from KRW 970 million in 2023, based on unaudited preliminary financial reports
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Revenues hit KRW 11,700 billion, up 39%, while operating profit grew 501% to KRW 3,513 billion
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HMM’s operating margin for 2024 stood at 30% and the debt ratio remained at 21%
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The company said the strong performance was driven by strategic fleet expansion and network optimization
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Higher freight rates boosted performance
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For the fourth quarter alone, revenue jumped 53% to KRW 3,155 billion from the same quarter last year
HMM posted stellar results in 2024 with net profit soaring 290% to KRW 3,781 billion ($2.6 billion) from KRW 970 billion in 2023, based on unaudited preliminary financial reports.
Revenues hit KRW 11,700 billion, up 39%, while operating profit grew 501% to KRW 3,513 billion.
The company’s operating margin for 2024 stood at 30% while debt ratio remained at 21%.
“The strong performance was driven by strategic fleet expansion and network optimization, while also benefiting from the Red Sea crisis and rising US-China trade demand,” HMM said in a statement.
Last year, the company deployed twelve 13,000-TEU newbuilds, enhanced transpacific services, and launched the new FLX route.
Higher freight rates boosted performance. The Shanghai Containerized Freight Index (SCFI) averaged 2,506 points in 2024, a 149% increase from the 2023 average of 1,005 points, with the highest annual level recorded at 3,734 points on July 5, 2024.
For the fourth quarter alone, revenue jumped 53% to KRW 3,155 billion from the same quarter last year.
Operating profit posted a massive 2,253% rise to KRW 1,000 billion and net profit 198% more to KRW 896 billion.
Despite the strong financial performance, uncertainties persist due to US tariffs, supply chain shifts, and overcapacity, which may pressure freight rates, the company said.
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, digitalization and moving toward Net-Zero,” it added.
