Hyundai Merchant Marine (HMM) has reported increased earnings in the first quarter thanks to doubled container freight rates.
According to HMM, the revenue increased 12 per cent to KRW2.3 billion ($1.7 million) in Q1 2024 from KRW2.08 billion ($1.52 million) in Q1 2023.
The net profit increased by 63 per cent to KRW485 billion ($354 million) in Q1 2024 from KRW298 billion ($217 million) in Q1 2023.
HMM reported that the operational profit increased by 33 per cent to KRW407 billion ($297 million) in Q1 2024, from KRW306 billion ($233 million) in Q1 2023.
The Shanghai Containerized Freight Index (SCFI) reached 2,010 points in Q1 2024, up from 969 points in Q1 2023, resulting in increased revenue and profitability.
Despite market uncertainty, the combined operating margin increased to 17.5 per cent, marking the 16th consecutive quarterly surplus.
In February, HMM released its financial report, revealing a margin net profit increase of 12 per cent in 2023.