HMM, South Korea's major shipping line Hyundai Merchant Marine, posted a 90 per cent year-on-year drop in first quarter operating profit to KRW307 billion (US$230 million), drawn on revenues of KRW2.08 billion, down 58 per cent.

Poor results were blamed on the easing of global supply chain and the normalisation of the container shipping market, reflected in the Shanghai Containerised Freight Index (SCFI), which declined from 4,851 to 969 points year on year.

Despite the challenges, HMM managed to eke out a profit from its container and bulk businesses, albeit with lower freight rates.

"This downward trend in the global economy is expected to continue with no encouraging sign of restoring consumer confidence in the near term," HMM said.

To address these challenges, HMM has outlined a commitment to implement a wide range of cost-cutting measures and enhance operational efficiency to stay competitive amid market volatility and widespread uncertainties.