In the first three months of 2023, the net profits of the South Korean company HMM totaled 190 million dollars, a 91% year-on-year downturn, mainly driven by the reduction in container shipping rates, which fell by 71.4% compared to Q1 2022.
Of the total revenues generated by the carrier ($1.5 billion), turnover from container fleet handling amounted to $1.26 billion, -62.5% year-on-year. Box cargo was down by 6.3% overall.
In a press release HMM said that they expected the downward trend in the global economy to continue, with no encouraging signs that consumer confidence would return in the short term. Moreover, the company also affirmed that the easing of pressures on the global supply chain had affected revenues and profits and led to the normalization of the container shipping market.
Translation by Giles Foster
