HMM

Seoul earmarks US$2.5 billion to boost vessel capacity of smaller box lines

As part of plans to grow the locally owned container shipping fleet, the South Korean government will set aside around US$2.5 billion to increase the fleets of SM Line and other South Korean feeder operators by 100,000 TEUs.

The kitty is targeted at SM Merchant Marine, commonly known as SM Line, Sinokor Merchant Marine, Korea Marine Transport Company (KMTC Line), Pan Ocean, CK Line, Namsung Shipping and Dongjin Shipping.

Currently, these companies have a combined boxship fleet of approximately...

https://container-news.com/seoul-earmarks-us2-5-billion-to-boost-vessel-capacity-of-smaller-box-lines/

HMM and Shanghai International Port Group sign clean marine fuel agreement

South Korean ocean carrier HMM has signed a Memorandum of Understanding (MoU) with Shanghai International Port Group (SIPG) on supply cooperation of Clean Marine fuel.

This agreement will focus on bunkering methanol and LNG at Shanghai Port in China, while it also covers supporting carbon reduction goals, promoting global shipping new energy cooperation, and helping shipping energy transformation and sustainable development.

HMM has committed to achieving net-zero emissions for the entire...

https://container-news.com/hmm-and-shanghai-international-port-group-sign-clean-marine-fuel-agreement/

Major lines’ margins in negative territory for first time after five years

Mainline operators’ operating profit margins fell into negative territory for the first time since 2018, due to losses in 4Q 2023, according to Alphaliner’s report.

On average, these operators’ operating margins stood at -3% in the last three months of 2023, as the Covid-19-fuelled boom ended its run. Six out of the nine largest box lines reported operating losses for the last quarter of 2023.

Only Evergreen Marine Corporation and HMM have reported operating profits, albeit sharply reduced from...

https://container-news.com/major-lines-margins-in-negative-territory-for-first-time-after-five-years/

Course reversal: HMM sale not on the cards

South Korea’s Oceans and Fisheries Minister Kang Do-hyung said the government is not planning another attempt to sell its interest in HMM anytime soon.

Kang was speaking at a government forum on 7 March, when he was asked about the recent failure to sell the country’s flagship carrier to the Harim Group-JKL Partners consortium.

HMM’s 2023 net profit had plunged 90% year-on-year, to US$750 million, as the Covid-19-fuelled boom ended. Given the economic uncertainties and the Red Sea crisis,...

https://container-news.com/course-reversal-hmm-sale-not-on-the-cards/

HMM and Hellmann cooperate to reduce Scope 3 emissions

HMM has collaborated with Hellmann Worldwide Logistics to manage Scope 3 emissions by implementing the Green Sailing Service, a low-carbon transportation solution aimed at reducing carbon emissions.

This initiative empowers the decrease of carbon footprint and tackles Scope 3 emissions with efficiency. The methodology behind this service is guided by PwC Korea.

“We are delighted to experience one of the finest examples of successful cooperation between industries making meaningful progress toward...

https://container-news.com/hmm-and-hellmann-cooperate-to-reduce-scope-3-emissions/

HMM earns ‘A-‘ environmental rating from CDP

HMM has been honoured for its commitment to sustainability and transparency in addressing climate change by the global environmental organization CDP, achieving an ‘A-’ rating.

This marks a notable improvement from the ‘B’ rating received in 2022. The company’s achievement of an ‘A-‘ score in 2023 places it among the top 19% of companies in the marine transport sector, surpassing the Asia regional average of ‘C’ and the sector average of ‘B-‘.

Specifically, HMM excelled in scope 1&2 emissions,...

https://container-news.com/hmm-earns-a-environmental-leadership-rating-from-cdp/

HMM reports financial declines, but remains profitable

In line with the trend observed among its counterparts, HMM, a major South Korean container carrier, reported a decline in its financial figures for the year 2023.

In particular, the company achieved an operating profit of KRW585 billion (US$440 million) with a margin of 7%, a net profit of KRW1,006 billion (US$750 million) with a margin of 12% and revenue of KRW 8,401 billion (US$6.3 billion) in 2023, translating to declines of 94%, 90% and 55% respectively.

“The financial structure has remained...

https://container-news.com/hmm-reports-financial-declines-but-remains-profitable/

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