Hyundai Merchant Marine (HMM) has reported a constant net income in the first half of the year, while operational profit plummeted over 95 per cent year-on-year.
In the first half of this year, HMM’s top line reached KRW 4.21 billion ($3.2 million), with its net profit and operating income amounting to 610.3 billion won and KRW 466.6 billion ($355 million), respectively.
HMM’s operational profit in the April-June quarter was KRW 160.2 billion ($122 million), a drop of 94.5 percent from the previous year, according to a regulatory filing.
READ: HMM cuts carbon emissions by more than half
A drop in operating profit in the second quarter as shipping rates returned to pre-pandemic levels amid dropping cargo volume, according to HMM.
The Shanghai Containerized Freight Index (SCFI), a barometer of global freight rates, averaged 983.5 points in the second quarter, down 76.7 per cent from a year earlier.
HMM said it will redouble efforts to hone its competitive edge down the road by rationalising shipping routes and cutting costs.
In July 2023, the first FIL service ship from South Korean HMM docked in Porto Itapoá.
