Hyundai Merchant Marine (HMM) has reported a revenue rise of 18.6 per cent to KRW 4.9 billion ($3.6 million) in H1 2024 from KRW 4.2 billion ($3.1 million) in H1 2023.
In the first half of 2024, net profit increased by 88 per cent to KRW 1.1 billion ($845,619), while operating profit increased by 125 per cent to KRW 1 billion ($775,600).
The H1 operating margin is the highest among worldwide carriers, at 21.1 per cent, reported the company.
The Shanghai Containerized Freight Index (SCFI) rose from 976 points in H1 2023 to 2,319 points in H1 2024, more than doubling.
READ: HMM unveils new Far East – Latin America service
Significant uncertainties as a result of geopolitical concerns and global trade tensions would most likely cause a dramatic shift in the global shipping sector.
HMM plans to make an ideal transportation service network in line with changes in supply and demand by route and region, such as obtaining new shipbuilding and used ships, launching new routes (FLX routes) in Mexico, and stressing diversifying enterprises.
HMM noted that it will prepare for the rapidly changing market situation by introducing ultra-large vessels, strengthening eco-friendly competitiveness and digitalization, reducing costs and pursuing profitability-oriented operations.
