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Record profits for HMM in 2022, but sharp drop in
Dr.G.R.Balakrishnan Feb 13 2023 Shipping News

Record profits for HMM in 2022, but sharp drop in

Continuing a trend among container lines South Korea’s HMM reported record profits for 2022, but the fourth quarter saw a sharp fall off.

HMM reported an annual operating profit of KRW9.95trn ($7.79bn) for 2022 up 34.8% on the previous year.  Revenues rose 34.7% to KRW18.59bn in 2022, while operating margins remained the same between 2022 and 2021 at 53.5%.

However, the fourth quarter of 2022 showed a different story with operating profit standing at KRW1.26trn, down 53.4% year-on-year, and 51.6% lower than Q3 2022.

 “The freight rates in most key trade lanes have been under downward pressure since H1 2022, led by a slowdown in demand and the ease of supply chain strain,” HMM said.

Looking ahead the South Korean company said: “Unfavorable market conditions are expected to continue due to widespread inflation and weak economic growth, putting pressure on demand.