HMM H1 profit falls 37% despite freight-rate rebound

Middle East disruptions and higher fuel costs weighed on earnings.

South Korea-based HMM’s net profit was $540.45m (KRW765b) in the first half (H1) of 2026, a 37% year-on-year (YoY) decrease from $854.82m (KRW1.21t).

Revenue for the period totalled $4.32b (KRW6.12t), whilst operating profit was $440.13m (KRW623b), giving an operating margin of 10.2%.

In the second quarter, the shipping company’s net profit was $290.36m (KRW411b), revenue was $2.40b (KRW3.40t), and operating profit was $250.09m (KRW354b).

“Despite revenue losses and rising fuel costs driven by the Middle East conflicts since March, freight rates rebounded starting in late May due to the early onset of the peak season,” HMM said.

The Shanghai Containerized Freight Index averaged 1,957 points in H1, a 15% YoY increase from 1,701 points.

HMM said it secured stable profitability amidst market volatility by optimising fuel costs, maximising fleet efficiency through its “Hub & Spoke” strategy, and capturing new demand in Southeast Asia.

It expects market uncertainty to rise in the third quarter due to supply chain risks including US tariffs, port congestion, and geopolitical conflicts.

HMM will continue investing under its expanded $20.49b (KRW29t) mid-to-long-term strategy for 2030 to enhance its future competitiveness and growth. This follows $7.06b (KRW10t) in investments over the past 15 months.

(US$1 = KRW1,415.50)