Quarterly operating profit jumped 208.9 per cent to KRW3.15 trillion. Both exceeded market expectations and are record high figures, reported Korea JoongAng Daily.

HMM said its profit and revenue soared as freight charges rose on most of the routes, especially those connecting the United States and Europe.

The Shanghai Containerised Freight Index, which indicates sea freight rates of cargo shipments, rose 74.5 per cent on year to an average 4,851 points in the first quarter.

The company added four containerships compared to the previous year, giving it an additional 74,799 TEU capacity that helped it ship more cargo during times of high shipping fees.

HMM said growth for its container shipping business could slightly slowdown in the second quarter as transportation of goods such as furniture, cars and home appliances fell. However, it plans to keep up by getting more deals to ship frozen cargo on its Europe-bound routes.

Uncertainty caused by the Shanghai lockdown and Russia's invasion of Ukraine could affect the company as well, but said it will try to improve profitability by acquiring more orders from big companies.

HMM signed shipbuilding contracts with Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries to receive twelve 13,000-TEU vessels by the first half of 2024. The company expects the addition to its fleet to allow it to ship more cargo and increase profits in the future.