HMM announced on the 13th that its revenue for the second quarter this year was 2.6627 trillion won and its operating profit was 233.2 billion won. Compared to the same period last year, revenue increased by 1.5%, while operating profit decreased by 63.8%.
The cumulative revenue for the first half was 5.4774 trillion won, an increase of 9.7% compared to the same period last year. During the same period, operating profit was 847.1 billion won, a decrease of 19.4%.
An HMM official said, "The operating profit margin for the first half was 15.5%, ranking among the top global shipping companies."
Operating profit fell this year in the first half due to declining freight rates. The Shanghai Containerized Freight Index (SCFI), a container freight rate indicator, recorded an average of 2,319 points in the first half of last year, but dropped 27% to an average of 1,701 points in the first half of this year. In particular, routes to Europe and the U.S. West Coast saw significant declines.
HMM plans to secure a stable revenue base through flexible fleet operations and long-term contracts for bulk cargo transportation. It is also considering cost savings through improved ship efficiency.
It is also planning to expand its fleet. Seven 9,000 TEU (1 TEU = 1 twenty-foot container) container ships are expected to be delivered starting in the second half of this year. Bulk carriers, including seven automobile transport ships ordered in 2023, will be delivered starting in September. A total of 13 bulk ships, including four multipurpose ships and two chemical tankers, will be secured in succession.