rss icon Subscribe
desktop mobile

Hyundai Merchant in the Red in Q2

Photo: Hyundai Merchant Marine Co Ltd

By Aiswarya Lakshmi

South Korea's Hyundai Merchant Marine (HMM) suffered an operating deficit of USD 112 million in the second quarter, the company said in a regulatory filing. The third quarter will bring much better results, says the carrier.

Yonhap News Agency said that the company attributed operating loss in the second quarter due to the low season weakening container freight rates.
Sales, however, jumped 22.1 percent on-year to 1.24 trillion won over the cited period when compared to a revenue of KRW 1,016.8 billion seen in the same quarter last year.
"Although revenues increased, which helped narrow the company's operating loss, freight rates remained low, denting our bottom line," it said.
Container volume in 2Q rose by 45.5% YoY to 986,022 TEU from 677,540 YEU reported in the three-month period of 2016. Volumes in the US trades climbed by 34.5% and in Intra-Asia by 94.5%.
HMM is projecting there will be a shortage of container carriers on the high-traffic routes from August to October as U.S. customers want more products from China and Southeast Asia.
HMM expects over 100% of loading rate in Asia-US trades after July and is considering deploying extra vessels if necessary.

Aug 11, 2017

 

Finance

Repercussions of EU-Japan Pact for Hamburg Port

Graph: HHM Marktforschung

The European Union (EU) has signed its largest-ever free trade agreement. This aims to boost the

Iceland’s Samherji Buys Stake in Eimskip

Photo: Eimskip

Icelandic fisheries company Samherji though Samherji Holding has acquired a substantial share in

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access

Legal

Wilhelmsen Drops Acquisition of Drew Marine

Image: Wilhelmsen

A US District Court for the District of Columbia announced that it will grant the Federal Trade

Caspian Littoral States Sign Environment Protocol for the Sea

Photo: United Nations Environment Programme

Littoral countries to the Caspian Sea have made a groundbreaking commitment to evaluate the likely

MOL buys Eni's Adriatic Offshore Gas Stakes

Image: ENI

MOL Group’s Croatian INA agreed to buy Eni Croatia BV, a wholly-owned member of Eni Group

Maritime Apps