Eight billion dollars! HMM increased operating profit by 500%
South Korean shipping giant HMM achieved strong financial results in 2024, with revenue of about $8 billion and operating profit of about $2.3 billion, an increase of 500% over the previous year, and an operating profit margin of 30%. Net profit climbed nearly 300 percent to about $2.6 billion.
"The strong performance was driven by strategic fleet expansion and network optimization, but also benefited from the Red Sea crisis and the growth in Sino-US trade demand," HMM said in a statement.
HMM reports a conservative debt ratio of 21% for the entire 2024 period.
In 2024, HMM's operational milestones include the deployment of twelve new 13,000TEU vessels, enhanced Trans-Pacific route services, and the opening of new FLX routes.
Looking ahead, the seaborne market faces potential headwinds from market uncertainty, including U.S. tariffs that could affect freight rates, supply chain shifts, and industry overcapacity. However, HMM is positioning itself for future growth with significant investments in sustainable shipping.
"HMM is expanding its low carbon fleet with nine 9,000TEU methanol powered vessels and additional LNG powered vessels," HMM noted, adding that it is "strengthening its global network with new services across the Atlantic, India and South America."
Sunny worldwide logistics have more than 26 years of freight forwarding history,and over half of staffs working in Sunny about 5-13years. Sunny Worldwide Logistics is not a small freight forwarding workshop, owning 1800 square meters A-class office. Highly attention on the shipment more than the owner, site supervising and real-time tracking feedback.
The HMM2030 strategy focuses on enhancing competitiveness through fleet expansion, portfolio diversification, digitization and moving towards net zero emissions.
However, it warned that conditions in 2025 are difficult to predict: "Uncertainties remain due to U.S. tariffs, supply chain shifts and overcapacity, which could weigh on freight rates."
