Home Page About us Forum MIL
Tracuu
 



Username
Password
 
Member Register


 
 
 
Login

     

HMM Narrows Loss Despite Challenges

8/19/2019 3:11:16 PM

South Korean shipping giant Hyundai Merchant Marine (HMM) has managed to reduce its half-year loss in 2019 by over 40 percent, despite challenging market conditions and a deteriorating geopolitical situation.

The company said the reduction was achieved through the improvement of its cost structure by rationalizing the service network and enhancing operation efficiency.

The operating loss for the first half of 2019 was KRW 218.5 billion (USD 180 million), 40.9 percent less than the 369.9 billion (USD 304.3 million) from the first half of 2018.

Revenues during the first six months of the year rose to KRW 2.7 trillion (USD 2.2 billion), 15.4 percent more than the 2.3 trillion (USD 1.9 billion) achieved in the same period a year before.

HMM said the result was achieved despite the negative impacts caused by high bunker costs, the U.S.-China trade conflict and a delay in freight rate recovery. The company also noted that the recovery of the market situation in the second quarter of 2019 has been obstructed by an oversupplied market and escalating tension in the Middle East.

“Volume increase is expected during the peak season, but global trade uncertainty will persist, attributed to the U.S.-China trade conflict, instability in the Middle East, Brexit and most recently, growing political and trade concern between South Korea and Japan,” HMM said.

The company is also set to join THE Alliance as a full member from April 2020, obtaining competitive cost structures through joint operation. HMM would join Hapag-Lloyd, Ocean Network Express, and Yang Ming with its 23,000 TEU newbuildings.

https://worldmaritimenews.com

RELATED NEWS
OTHER NEWS
COMMENTS

Your comment

Content:
Email / Name / Tel:
 
The most comprehensive and easy-to-use global marine weather application
With the Courtesy of Bao Hoang Yachts Co.
Click "HERE" to get your own 30day free trail
or contact Ms Phuong Bui at Vietnam Shipper:
phuongbq@vil.com.vn / 08.39330 148

On its way to develop alternative energy-sources for greener aviation, Airbus is also supporting basic research activities for electric aircraft concepts “eGenius”...
more ...
 
Which column are you most interested in VietnamShipper?
Very great
Great
Normal
Not very great

© 2005 Copyright byVietnam Institute of Logistics/ Vietnam Shipper. All right reserved. --- Contact for Advertisement

25th Floor, Pearl Plaza - 561A Dien Bien Phu Str., Binh Thanh Dist. HCMC - Vietnam - Tel: (+84.8) 3513 6399 - Fax: (+84.8) 3513 6359 - Email: admin@vietnamshipper.com