HMM(011200) said on the 13th that its operating profit on a consolidation basis in the second quarter rose 52% from a year earlier to 354.1 billion won.
Sales for the same period increased 30% to 3.402 trillion won, while net profit fell 12.7% to 411.4 billion won.
HMM said that although it incurred revenue losses and higher costs such as fuel expenses due to the war in the Middle East since March, rates rebounded as the peak season arrived early from late May, which had a significant impact.
The Shanghai Containerized Freight Index (SCFI) averaged 1,957 points in the first half, 15% higher than a year earlier.
The shipping industry believes rates were driven up as cargo demand to prepare for the peak season from Black Friday at the end of Nov. through Christmas emerged early due to the impact of U.S. tariff policy.
U.S. President Donald Trump earlier imposed a temporary 10% tariff based on Section 122 of the Trade Act, and when the temporary tariff expired on the 24th of last month, implemented a 10%–12.5% forced labor tariff measure based on Section 301 of the same law.
HMM expects management uncertainty to increase in the third quarter as supply chain risks persist, including U.S. tariffs, the Panama Canal and major port congestion, and the Middle East war.
Accordingly, it plans to continue efforts to optimize fuel costs to prepare for high oil prices implemented since the Middle East war, maximize fleet operation efficiency based on a "hub-and-spoke strategy," and secure new demand.
It carried out a large-scale investment of about 10 trillion won over 15 months from the second quarter of last year to the first half of this year, and plans to continue investing in the second half to strengthen competitiveness.
HMM said, "Investment is not a simple expansion of scale but a preemptive measure based on forecasts of the future market in two to three years," adding, "In a situation where global ship prices continue to rise, we will secure ships early at relatively lower current prices to maximize future profits and achieve sustainable growth."