HMM announced its Q1 results on Wednesday, which showed revenue growing by 23% to KRW 2,855 billion in Q1 2025 from KRW 2,330 billion in Q1 2024, and the net profit improving to 52% to KRW 740 billion in Q1 2025 from KRW 485 billion in Q1 2024. Operating profit increased 51% to KRW 614 billion in Q1 2025 from KRW 407 billion in Q1 2024. The Shanghai Containerized Freight Index (SCFI) averaged 1,762 points in Q1 2025, down from 2,010 points in Q1 2024, declining further to around 1,300 points by the end of the quarter. Despite declining freight rates and the impact of US tariff policies, HMM achieved solid profit growth in Q1 2025 through fleet expansion, the launch of new services and strengthened sales efforts, it emphasised in a communique.
The operating margin rose to 21.5%, compared to 17.5% in the same period last year. Volatile market conditions are expected to persist due to risks from ongoing US tariff negotiations, vessel oversupply and geopolitical instability, including uncertainty over the resumption of transit through the Red Sea. A decline in cargo volume from China to the US is also expected to disrupt the supply-demand balance and place downward pressure on freight rates. To enhance operational flexibility, HMM is deploying nine 9,000 TEU methanol-powered container vessels, scheduled for delivery and phased deployment by H1 2026. It will continue to reinforce its operations through fleet expansion and agile deployment in line with its mid- to long-term strategy, the communique added.
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