HMM narrows Q2 loss 76pc to US$93 million as revenues rise 12.8pc
KOREA's Hyundai Merchant Marine (HMM) has narrowed its second quarter operating loss 76 per cent year on year to KRW112
KOREA's Hyundai Merchant Marine (HMM) has narrowed its second quarter operating loss 76 per cent year on year to KRW112.9 billion (US$93 million).
Revenue in the second quarter of 2019 was KRW1.4 trillion won, a 12.8 per cent increase from the KRW1.24 trillion won reported in the second quarter of 2018.The company handled 1,157,705 TEU of containerised cargo in the second quarter of 2019, compared to 1,154,225 TEU in the second quarter of 2018. Hyundai is rapidly increasing the size of its fleet, ordering 20 new ships last year.
HMM said it expects volumes to increase in the peak season, but added that 'global trade uncertainty will persist, attributed to the US-China trade conflict, instability in the Middle East, Brexit and, most recently, growing political and trade concern between South Korea and Japan.'
The company said it was seeking to 'maximise profitability through securing high-yield cargoes, optimizing fleet management and restoring freight rates'.
HMM currently shares space on ships with the 2M alliance partners Maersk and MSC, but next April will become the fourth member of THE Alliance, joining Hapag-Lloyd, Ocean Network Express and Yang Ming. It said it 'expects to obtain competitive cost structure through joint operation and offer reliable services with diversification of service routes' by joining THE Alliance.