HMM also scores
Like the other big carriers, HMM took advantage of the cargo boom in the pandemic year of 2020. The South Korean group, formerly known as Hyundai Merchant Marine, was able to achieve an operating profit in 2020 of USD 831.1 million, a rise of more than USD 1 billion compared to FY 2019 (-USD 254 million).
Net profit in 2020 was at USD 105 million, a significant uptick from the red result of USD 499.8 million in the prior year. Revenues rose by 16.3% to USD 5.43 billion (USD 4.67 billion in 2019). HMM attributed its success amongst others to the deployment of mega-vessels like its current twelve 24,000 teu container ships.
Nevertheless, container volumes were down by 9.2% to 3.89 million teu in 2020 (4.28 million teu in 2019). For the future, the Seoul-headquartered carrier announced the acquisition of eight 16,000 teu newbuilds in the first half of 2021.
Since April 2020, HMM has been sailing as a member of the THE Alliance with Hapag-Lloyd, Yang Ming and Ocean Network Express. (cd)