HMM Reports Over Two Times Profits Compared To 2020

Hyundai Merchant Marine (HMM) observed record revenues in 2021. The numbers surged over twofold from what was recorded in 2020, as global supply chain congestions and increased freight rates keep boosting ocean liner profitability, the firm mentioned February 14.

Profits and revenue reached a record high in 2021, driven by high freight rates and enhanced fleet operations, including twelve 24,000 TEU container vessels, HMM mentioned in a statement.
Further details have not been released.

Several ocean liners are going to report significant improvement in their financial results for 2021, as logistical constraints increased freight rates to a record level.

HMM’s highlights from 2021 include signing new contracts with Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding and Marine Engineering (DSME) for 12 13,000 TEU container vessels. This cost a total of $1.57 billion.

In a statement, HMM declared that per an agreement with DSME, each firm will construct six vessels that are due for delivery by 2024’s first half. All vessels will boast hybrid scrubbers and made to be LNG-ready.

In March, the shipping line declared that its first-ever container vessel in the company’s mega-ship fleet had departed from the Port of Busan for its maiden voyage.

The vessel had a capacity of 16,010 TEU and had been equipped with 1,200 plugs to take on reefer containers. The firm introduced its Far East-India-Latin America (FIL) service.

The service started from Busan on 7 December and a full circulation is expected to take 84 days. Ocean freight rates are likely to remain high even this year, the firm mentioned in their report. The demand for products, a major factor in US supply chain issues, shows zero signs of reducing.

HMM ranks eighth in the list of largest container carriers in the world with a TEU of 817,300 and a fleet spanning 130 containerships per Alphaliner, a maritime data services company.

Reference: spglobal.com

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Latest Shipping News You Would Like:

U.S Navy And The Philippines Begin Joint Naval Drills In South China Sea Amidst Tensions With China

Posted on October 3, 2023

In a show of force against China amid ever growing tensions in the much-disputed waterway, defense allies the Philippines and the US started conducting combined naval activities on Monday.

Captain Of Cargo Ship Carrying €157million Worth Of Cocaine Appears In Wexford Court

Posted on October 3, 2023

The ship captain of the MV Matthew got a bail rejection after he appeared at the court on being charged over the €157 million cocaine seizure off the country’s south coast.

Indian Navy’s First Training Squadron Warships Arrive At Port Klang, Malaysia

Posted on October 3, 2023

As part of the Indian Navy’s log-range deployment in Southeast Asia, the vessels of the First Training Squadron (1TS)-ICGS Sarathi, INS Tir, and INS Sujata are visiting Malaysia’s Port Klang.

Environmental Groups Demand Rules To Protect The North Atlantic Right Whale From Ship Collisions

Posted on October 3, 2023

A coalition of environmental groups has been calling on the country’s federal government to have in place emergency rules to safeguard a fast-vanishing species of whale from collisions with large vessels.

U.S Navy And Lockheed Martin Fire Submarine-Launched Ballistic Missile With A 4000 NM Range

Posted on October 3, 2023

The Fleet Ballistic Missile — One Trident II D5 Life Extension, was successfully launched on 27 September by Lockheed Martin and the U.S. Navy, off the coast of California.