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HMM posts Q3 loss despite 13pc surge in container volumes

SOUTH Korean ocean carrier Hyundai Merchant Marine (HMM) recorded a net loss of US$148 million in the third quarter, to take its trading deficit to $519m for the nine-month period.

"In spite of HMM's efforts in cutting costs and improvement in its revenue and handling volume, the net loss continued in Q3 due to an increase in bunker costs and a delay in regional rate recovery," said the carrier.

HMM handled 1.18 million TEU in the third quarter of 2018, 12.8 per cent more than in the same period last year and 2.3 per cent more than in the second quarter of this year.

Looking forward, HMM said it "will accelerate to acquire good assets such as eco-friendly mega-containerships and terminals through recently secured financial liquidity."

HMM said it "expected continuous market uptrend in US trade but slow growth in EU trade. However, a risk of volume decrease attributed to US-China trade war also resides in the shipping market."

HMM said it will "put its utmost efforts to stably secure additional cargoes to fill up the newly ordered 20 eco-friendly mega-containerships". The company has twelve23,000-TEU containerships and eight 15,000-TEU ships on order, reports American Shipper.

"Through fleet expansion and acquisition of good assets, HMM will improve its cost structure and cut logistics costs in order to strengthen its sales competiveness," the carrier said.

Source: Schednet

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