Hyundai Merchant Marine (HMM) has reported its 2024 financial performance, with revenue of KRW 11,700 billion ($8.05 billion). The South Korean shipping line reported a net profit of KRW 3,781 billion ($2.6 billion) and an operating profit of KRW 3,513 billion ($2.4 billion) in 2024. HMM’s operating margin in 2024 was 30 percent, and its debt ratio remained at 21 percent.
According to HMM, the strong performance was driven by fleet growth and network optimization, including the deployment of 12 newbuilds, improvements to transpacific services, and the establishment of the new FLX route. The company also benefited from the Red Sea crisis and increased US-China trade demand.
Despite the solid financial performance, HMM acknowledges risks remain due to US tariffs, supply chain disruptions, and overcapacity, which may increase freight prices.
HMM is expanding its low-carbon fleet with nine 9,000 TEU methanol-powered vessels and additional LNG-powered vessels. The company is also expanding its global network by adding services in the transatlantic, India, and South America regions.
Last month, HMM signed a Memorandum of Understanding (MoU) with Jawaharlal Nehru Port Authority (JNPA) to develop Vadhvan Port in India.
Hyundai Merchant Marine (HMM) is a South Korean container shipping company. It is one of the world's largest container carriers, providing a wide range of shipping services, including containerized cargo, bulk cargo, and breakbulk cargo. HMM operates a modern fleet of container ships and has a global network of services.
Jawaharlal Nehru Port Authority (JNPA), also known as Nhava Sheva Port, is one of India's largest container ports. It is located in Maharashtra, India.