HMM Q1 2026 Earnings Plunge, Massive Capex Continues

Consolidated Q1 2026: revenue 2.72 trillion KRW, operating profit 269.1 billion, net income 353.6 billion (EPS 375 won), sharply lower vs. annual 2025
Debt ratio 29.91% (up from 26.31% at end 2025), cash & equivalents 798.5 billion (down from 1.76 trillion)
23.5 trillion won long-term investment plan ongoing; 1.9 trillion spent on vessels in Q1 2026
Long-term transport contracts: Hyundai Glovis (725 bln), Vale (698+469 bln), GS Caltex (852+718 bln), S-Oil (213 bln)
Middle East geopolitical risks causing operational disruptions, rising fuel costs and war risk premiums
Four FMC lawsuits (Samsung, Euromarket, DK-Butterfly, etc.) with potential liabilities
No share buyback or additional dividend in Q1 2026