HMM’s profits soar as revenue more than doubled
Following the “record profit trend” in the liner shipping industry, HMM is the latest global ocean carrier announcing historical revenues and profits for 2021.
Particularly, the South Korean container shipping company has reported that its revenue rose more than two-fold, compared to 2020 figures, to US$11.2 billion, while its net profit skyrocketed from US$100 million to US$4.45 billion.
Meanwhile, the operating profit of the company has also increased more than seven times to US$6.16 billion in 2021.
“Revenue and profits reached a record high in 2021, primarily driven by high freight rates and efficient fleet operations,” said HMM in a statement.
Additionally, the Seoul-headquartered box line noted that increasing demand from the global economic recovery and growing geopolitical tensions have put upward pressure on oil prices in 2022, and as a result, the price gap between LSFO and HFO is expected to widen.
“The scrubber-fitted capacity of HMM container ships is more than 80%, which will be able to respond to rising oil prices effectively,” pointed out the company, while the global average installation ratio is about 30%.