HMM also sees the tide turning
South Korea-based carrier HMM has reported its 2022 results as the last of the big shipping companies in line. Revenues of USD 14.5 billion (+34.7% compared to 2021) stood against a net profit in 2022 of USD 7.9 billion, an increase of 34.8%.
Despite a 3.5% decline in volumes to 3.68 million teu over the full year, the rise in net profit was due to the higher average rate per teu for 2022 (up 12.2% to USD 2,881).
HMM, formerly known as Hyundai Merchant Marine, also reported a mixed bag of developments, especially in Q4/2022. The carrier's revenues in the quarter went down by 20%, while operating net profit plunged by 48% to USD 1 billion.
The outlook is gloomy, as the carrier said in a press release: “Unfavourable market conditions are expected to continue due to widespread inflation and weak economic growth, putting pressure on demand.” (sh)