Thursday, June 26, 2025
Home News HMM's profits soar as revenue more than doubled

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%.





Antonis Karamalegkos
Managing Editor

Latest Posts

Maersk unveils “Trade & Tariff Studio” to simplify customs management

Maersk has launched Maersk Trade & Tariff Studio, an AI-driven customs-management platform. Lars Karlsson, Global Head of Trade & Customs Consulting at Maersk stated that...

Solstad renews partnership with Marlink

Solstad has renewed its long-standing partnership with Marlink to advance its digitalization strategy through to 2028. Under the new agreement, Marlink will deliver SealinkNextGen, a...

KEZAD and Witthal Gulf Industries sign deal to launch recycling plant

Khalifa Economic Zones Abu Dhabi Group has signed a 50-year land lease agreement with Witthal Gulf Industries for the establishment of the country’s first...

Emirates Shipping Line announces new service to Seattle

Emirates Shipping Line has announced its entry into the United States market with the launch of the Sun Chief Express service, a direct, fortnightly...

Port of Long Beach approves $833 million budget

The Long Beach Board of Harbor Commissioners has approved an $833 million budget for fiscal year 2026, nearly half of which will go toward...
error: Content is protected !!