HMM's phenomenal growth: cargo shipping expenses rise, net profit jumps 17-fold
Hyundai Merchant Marine (HMM) showed strong financial strength by Posting a 17-fold increase in net profit in the third quarter of this year. This significant growth can be attributed to enhanced strategic operations and favorable market conditions, particularly in the container shipping ships segment.
For the market performance in the fourth quarter of 2024, although there has been no significant decline in ocean freight fees from the continuous rise of the year to now, it is said in the market that it has been the peak season with a lot of goods. However, in fact, the global economy is not booming, and the amount of goods on the market has decreased significantly compared with previous years. Therefore, it is expected that the weak market in the fourth quarter, coupled with the risk of port strikes in the eastern United States, may lead to instability in all aspects of global logistics. However, from February 2025, the new Alliance "Premier Alliance" consisting of ONE, HMM and Yangming Shipping will form a new partnership with Mediterranean Shipping, and HMM says the new partnership will optimize HMM's route network and increase operating revenue.
Not long ago, HMM announced a high-profile major investment plan, will invest 23.5 trillion won (about 17.6 billion US dollars) before 2030, involving container transportation, dry bulk cargo transportation, integrated logistics business and enhance competitiveness in four areas, promote the sustainable development of the enterprise, further expand the business territory. And accelerate our transformation into a global provider of green shipping and logistics services.
Net profit in the third quarter increased 17-fold, attesting to its strategic initiatives and favorable market conditions. As the international logistics industry continues to evolve, hmm's ability to adapt and grow is critical to maintaining its competitive edge and achieving continued growth in the future.
