HMM achieved positive business results in the first half of the year with strong revenue and profit growth, despite uncertainties in the global shipping market.
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Source: HMM
South Korean container shipping giant HMM has announced significant results in revenue and profit in the first half of the year.
Specifically, HMM reported 18.6% year-on-year revenue growth in the first half of the year to reach USD 3.64 billion, net profit increased by 88% to USD 840,000 and operating profit increased by 125% to USD 770,000.
HMM’s operating profit margin in the first half of the year was 21.1%, the highest among global shipping lines.
Source: HMM
“A boost in freight rates and the strengthening of profitability-oriented operations resulted in a growth in revenue and profits,” the company said, adding that “considerable uncertainties as a result of geopolitical risks and global trade tensions will probably make a sudden shift in the global shipping market.”
HMM said it plans to build an “ideal transportation service network” that is aligned with changes in supply and demand by route and region, such as purchasing new and used vessels, opening new routes (FLX) in Mexico, and emphasizing business diversification.
The company added that it will prepare for rapidly changing market conditions by introducing ultra-large vessels, enhancing its green and digital competitiveness, reducing costs, and pursuing profitability.