28-12-2016

Third quarter Hyundai profit prompts plan to buy 5 box ships, 3-5 tankers

HMM

THE roller coaster fortunes of Korea's Hyundai Merchant Marine (HMM) has prompted it to buy five box ships and three to five oil tankers after declaring its latest third quarter profit of KRW297 billion (US$249 million) following a year-on-year loss of KRW39 billion.

Despite its profits, the South Korean carrier's third quarter revenues fell to KRW1.07 trillion, down from KRW1.47 trillion for the third quarter of 2015, reports American Shipper.

For the first nine months of 2016, HMM had income of KRW237 billion compared with a 219 billion loss for the corresponding period in 2015.

Meanwhile, revenues for the first nine months of 2016 totalled KRW3.31 trillion, down from KRW4.402 trillion for the first nine months of 2015.

Source: Schednet

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