South Korea's flagship liner company Hanshin Shipping (HMM) released ĐµŃ€Ń results for the first three quarters of 2024.
Amid the Red Sea crisis, HMM's net profit in the third quarter increased by 1730.5% year-on-year. In the third quarter of 2024, HMM achieved operating revenue of 3.5 trillion won (about US$2.49 billion) , a month-on-month increase of 33.4% and a year-on-year increase of 67.0%; operating profit increased to 1.5 trillion won (about US$1.02 billion) , a month-on-month increase of 126.9% and a year-on-year increase of 1822.4%. HMM's net profit in the third quarter reached 1.7 trillion won (about US$1.22 billion) , a month-on-month increase of 163.1% and a year-on-year increase of 1730.5%, far exceeding analysts' previous expectations.
In the first three quarters of 2024, HMM achieved operating revenue of 8.5 trillion won (about US$5.98 billion) , a year-on-year increase of 34.8%; operating profit increased to 2.5 trillion won (about US$1.76 billion), a year-on-year increase of 363.7%.
In the first three quarters, HMM's net profit reached 2.9 trillion won (about US$2.02 billion), a year-on-year increase of 308.5%. HMM said its operating profit margin in the third quarter reached 41.1%, ranking among the top global liner companies.
The Red Sea crisis caused importers to ship earlier than usual, resulting in a surge in demand and freight rates. HMM achieved profit growth and enhanced competitiveness by launching and operating new service routes and focusing more on profit-driven sales.
According to the latest data from Alphaliner, HMM ranks 8th among the top 100 global liner companies in terms of capacity, operating 79 ships, including 54 owned ships and 25 leased ships, with a total capacity of 881,000 TEUs. In addition, HMM also holds 12 ships with a total of 110,000 TEU new shipbuilding orders.
