HMM attains best results from oil-tankers

HMM, Hyundai Merchant Marine announced it attained its best results in its oil-tanker division. According to HMM, in January alone, sales were $56 million, representing an increase of 170% over 2003's $21 million. Net profit was $25milion, an increase of 380% over 2003's $5.2 million. January's astounding result gives HMM 16% of its 2004 sales goal of $350 million, and represents over 50% of 2004's net profit goal of $54 million.
In light of this, HMM is considering raising its goals for the year. Many experts pointed out three reasons: no large fluctuations in oil-tanker supply, China's boom, and the fact it is winter.
Other experts pointed out HMM's aggressive and timely investment. HMM bought 6 oil-tankers (5 last year and 1 in January) and contracted 9 VLCC (Very Large Crude Oil Carrier) in December when the average freight index of oil tankers was very high, marking 150 points.
As the number 1 oil-tanker shipping company in Korea, HMM has 14 VLCCs, 1 mid-sized tanker and 5 chemical tankers. It is also investing steadily in oil-tankers. The current average freight index is 145 points.