The COVID-19 pandemic proved good for business for the world’s ocean carriers. 2020 was very good for South Korea’s HMM, which announced Tuesday a billion-dollar turnaround to record its highest operating profit ever.
Highest ever says a lot considering HMM, formerly known as Hyundai Merchant Marine, has been around for more than 40 years.
And then there’s the huge shift in profit. Operating profit in 2020 was $831.1 million — up more than $1 billion from the loss of $254 million in 2019. Net...
https://www.freightwaves.com/news/hmm-makes-billion-dollar-turnaround-from-loss-to-record-profit