With $8 billion in revenue, HMM announced its 2024 results
On February 11, South Korean shipping giant HMM announced its 2024 financial results and said it had a solid performance.
According to the published data show that in 2024, HMM achieved revenue of 11.70 trillion won (about 8.062 billion US dollars), an increase of 39%; Net profit jumped 290 percent to 3.78 trillion won ($2.605 billion).
HMM said the strong performance was driven by strategic fleet expansion and network optimization, as well as the positive impact of the Red Sea crisis and growing trade demand between China and the United States.
In 2024, HMM achieved significant operational results with the deployment of 12 new 13,000TEU vessels, enhanced Trans-Pacific service, and the launch of the Mexico FLX route with a conservative gearing ratio of only 21%.
HMM noted that despite the strong financial performance, uncertainties remain due to U.S. tariffs, supply chain shifts and overcapacity, which could weigh on freight rates.
In response, HMM said it is expanding its low-carbon fleet with the addition of nine 9,000TEU methanol-powered vessels and more LNG-powered vessels. At the same time, HMM is further strengthening its global network by launching new routes across the Atlantic, India and South America.
To improve its competitiveness, the company will also move towards net zero emissions through fleet expansion, business portfolio diversification, digital transformation and in line with the HMM2030 medium and long term strategy.
According to the published data show that in 2024, HMM achieved revenue of 11.70 trillion won (about 8.062 billion US dollars), an increase of 39%; Net profit jumped 290 percent to 3.78 trillion won ($2.605 billion).
HMM said the strong performance was driven by strategic fleet expansion and network optimization, as well as the positive impact of the Red Sea crisis and growing trade demand between China and the United States.
In 2024, HMM achieved significant operational results with the deployment of 12 new 13,000TEU vessels, enhanced Trans-Pacific service, and the launch of the Mexico FLX route with a conservative gearing ratio of only 21%.
HMM noted that despite the strong financial performance, uncertainties remain due to U.S. tariffs, supply chain shifts and overcapacity, which could weigh on freight rates.
In response, HMM said it is expanding its low-carbon fleet with the addition of nine 9,000TEU methanol-powered vessels and more LNG-powered vessels. At the same time, HMM is further strengthening its global network by launching new routes across the Atlantic, India and South America.
To improve its competitiveness, the company will also move towards net zero emissions through fleet expansion, business portfolio diversification, digital transformation and in line with the HMM2030 medium and long term strategy.
