Input 2021.02.05 10:06
According to the shipping industry on the 5th HMM(011200)Paid a lump sum of 1 million won to employees in the name of consolation money over the corona crisis. The name is’comfort money’, but considering that it is a creditor system, some estimates that HMM actually paid incentives. It is the first time since 2010 that HMM has paid incentives to employees.
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Korea Shipping also distributed 450% of the basic salary to employees as incentives. The scale was larger than the 300% incentive pay compared to the previous year’s basic pay.
Container carriers’ performance improved significantly due to the boom last year. HMM is estimated to have achieved the highest performance in 10 years last year. According to F&Guide, a financial information company, securities companies estimate that HMM recorded 6.3 trillion won in sales and 860 billion won in operating profit last year.
SM Merchant Marine has tentatively calculated that it recorded an operating profit of 140 billion won last year. This is the highest performance since its inception. This year’s operating profit target was raised to 200 billion won. It is also promoting a plan to expand ships by securing funds through IPO in the second half of the year. Korea Shipping did not disclose specific operating profit scale, but it is expected to remain in the black for 35 consecutive years until last year.
Last year’s performance background was’high fare’ and’low oil price’. According to the Shanghai Shipping Exchange, the fare between Asia and North America, the main route of HMM and SM merchant ships, was $2800 per FEU (one 12m container) last year. Compared to the previous move in the $1400-1500 range on average, it has nearly doubled. Fares for Korea Shipping’s flagship route between Asia and Southeast Asia also soared from $100 at the beginning of last year to $900 at the end of the year.
Oil prices, which account for up to 30% of the operating cost of container ships, also fell by more than 20% from the previous year. In the industry, oil prices will rise this year, but there are many prospects that the growth of shipping companies will continue on the back of strong container freight rates. The Korea Maritime Development Corporation predicted that this year’s fares for the West Bank routes between Asia and North America will be on average at $2880 per FEU.
An official from the shipping industry said, “Last year’s performance was largely driven by an unexpected variable called the corona crisis.”
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