Hyundai Merchant Marine (HMM) has reported 2024 financial performance, with a revenue of KRW 11,700 billion ($8.05 million).
Additionally, the South Korean shipping line had a net profit of KRW 3,781 billion ($2.6 million) and an operating profit of KRW 3,513 billion ($2.4 million) in 2024.
The operating margin in 2024 is 30 per cent, while its debt ratio remained at 21 per cent, maintaining a solid financial position.
The Shanghai Containerized Freight Index (SCFI) averaged 2,506 points in 2024, a 149 per cent increase from the 2023 average of 1,005 points. (The highest annual level was recorded at 3,734 points on 5 July 2024.)
READ: HMM reports revenue increase despite market uncertainty
According to HMM, the strong performance was fuelled by smart fleet growth and network optimisation— deploying 12 newbuilds, improving transpacific services, and establishing the new FLX route — while also profiting from the Red Sea crisis and increased US-CN trade demand.
Despite solid financial performance, risks remain owing to US tariffs, supply chain disruptions, and overcapacity, which may drive up freight prices.
HMM is growing its low-carbon fleet with nine 9,000 TEU methanol-powered vessels and more LNG-powered vessels. It is also expanding its global network by adding services in the transatlantic, India, and South America.
