HMM is forecast to achieve its highest quarterly performance in five quarters during Q2 2026, with operating profit expected to reach 417.4 billion won, according to a consensus survey of five major securities firms conducted by Yonhap Infomax on the 21st. The shipping company's Q2 revenue is projected at 3.2848 trillion won, marking a 25.24% year-over-year increase, while operating profit is expected to surge 78.99% compared to the same period last year. The performance improvement is attributed to rising freight rates on US and European routes, successful implementation of fuel surcharges to offset a 31.1% quarter-over-quarter increase in bunker fuel costs to $522 per ton, and a 246.1% year-over-year surge in bulk division operating profit driven by increases in the Baltic Dry Index (BDI) and Baltic Dirty Tanker Index (BDTI). This marks HMM's recovery to the 3 trillion won revenue level for the first time in 1.5 years since Q4 2024, with operating profit reaching its highest point since Q1 2025 when it recorded 613.9 billion won.
HMM Q2 2026 Earnings Forecast Shows Five-Quarter High
Yonhap Infomax surveyed five major securities firms that submitted HMM earnings forecasts within the past month. The consensus projects consolidated Q2 revenue of 3.2848 trillion won, up 25.24% year-over-year, and operating profit of 417.4 billion won, up 78.99% year-over-year. If realized, this would represent HMM's highest quarterly operating profit since Q1 2025's 613.9 billion won and the first time quarterly revenue has exceeded 3 trillion won since Q4 2024's 3.1549 trillion won.
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HMM Q2 earnings consensus [Source: Yonhap AI Platform]
Fuel Cost Increases Offset by Freight Rate Hikes and Surcharges
Q2 bunker fuel prices rose to $522 per ton, a 31.1% increase quarter-over-quarter, resulting in an estimated additional fuel cost burden of approximately $72.15 million. However, analysts determined that freight rate increases on US and European routes combined with fuel surcharge implementation offset these additional costs. The company's Q1 earnings announcement outlined management response strategies including fuel surcharge introduction, route optimization, and bulk division operational efficiency improvements, which analysts assessed as having been implemented in the field.
Bulk Division Operating Profit Surges 246.1% Year-Over-Year
The bulk shipping division's operating profit is estimated to have increased 246.1% year-over-year, driven by rises in the Baltic Dry Index (BDI) and Baltic Dirty Tanker Index (BDTI). This represents a significant contribution to overall performance improvement alongside container shipping operations.
Analysts Project Q3 Operating Profit to Double Year-Over-Year
Choi Go-woon, analyst at Korea Investment & Securities, stated that Q3 operating profit is expected to more than double year-over-year and exceed market consensus by approximately 90% due to the time-lag structure in which spot freight rate increases are reflected in the China Containerized Freight Index (CCFI). The analyst projected that even if market conditions adjust from August, Q3 average CCFI will be more than 30% higher year-over-year given that CCFI has already surged to the 1,800-point range.
Annual Operating Profit Forecast Raised 70.2% to 1.1733 Trillion Won
Kang Seong-jin, analyst at KB Securities, announced an upward revision of HMM's full-year operating profit forecast to 1.1733 trillion won, representing a 70.2% increase from the previous estimate. The revision reflects improved market conditions and the company's operational performance.
HMM Stock Closes at 20,150 Won with 22,250 Won Target Price
HMM's stock closed at 20,150 won in the previous trading session. The average target price among securities firms that submitted consensus forecasts stands at 22,250 won.
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HMM stock price trend [Source: Yonhap Infomax screen number 5000]
FAQ
What is HMM's Q2 2026 operating profit forecast?
HMM's Q2 2026 operating profit is forecast at 417.4 billion won, representing a 78.99% year-over-year increase and the highest quarterly operating profit in five quarters since Q1 2025.
How did HMM offset the 31.1% increase in fuel costs during Q2?
HMM offset the estimated $72.15 million additional fuel cost burden through freight rate increases on US and European routes combined with fuel surcharge implementation, according to analyst assessments.
What is the analyst consensus target price for HMM stocks?
The average target price among securities firms that submitted forecasts is 22,250 won, compared to the closing price of 20,150 won in the previous trading session.
