SM Group's shipping subsidiary, Daehan Shipping, announced on August 18 that its consolidated operating profit for the second quarter reached 63 billion won, a 91% increase compared to the same period last year.
During the same period, revenue slightly decreased by 6% to 312.8 billion won, influenced by completed construction sales in non-shipping sectors. For the first half of the year, the company reported total revenue of 590.6 billion won and an operating profit of 137.4 billion won.
Daehan Shipping attributed its strong performance to the operational results of two second-hand vessels introduced last year and a long-term transport contract signed with Korea East-West Power in August 2022, which began to be reflected in the first quarter of this year.
The company also noted that it expanded its scheduled operations while reducing the more volatile spot operations in response to risks associated with the prolonged conflict in the Middle East, which contributed to improved profit margins.
Min Sang-ki, CEO of Daehan Shipping, stated, "Despite some fluctuations in the market and oil prices due to global uncertainties, we have been able to maintain steady profits through strategic fleet management and risk control capabilities. We will secure sustainable growth by actively targeting high-value markets and exploring new business opportunities from a long-term perspective, in addition to responding to short-term market changes."
In his inaugural speech in July, Min expressed his commitment to continuous innovation for growth, prioritizing sustainability through ESG management, and establishing flawless ethical management while actively pursuing high-value markets.
* This article has been translated by AI.
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