SOUTH Korea's biggest shipping company by sales, Hyundai Merchant Marine (HMM) has announced in a regulatory filing that that its net losses narrowed
to KRW592 billion (US$501 million) last year from KRW790 billion in
2018.
Operating losses also narrowed to KRW304
billion in 2019 from KRW558.6 billion a year ago. Sales rose 5.6 per
cent to KRW5.51 trillion in 2019 compared to the previous year, the
company said.
The shipping company has been mired in operating losses since the second
quarter of 2015. Hyundai Merchant said its business performance in 2019
was mainly driven by rationalising its service network as well as
maximising utilisation of five new very large crude carriers, according
to South Korea's Yonhap News Agency.
The South Korean shipper said its profitability could improve this year
as a result of new cooperation with THE Alliance and the deployment of
twelve 24,000-TEU container ships.
HMM said it "will continue to secure global competitiveness through
enhancing operational efficiency, strengthening cost-saving efforts and
establishing customer-oriented solutions."
Hyundai Merchant has said its 12 container ships in the 24,000-TEU class
are to operate in order starting in April on a route connecting Asia
and Europe.
In April, the shipping company is set to join of THE Alliance, one of
the world's top three shipping alliances along with 2M Alliance and
Ocean Alliance. It has been serving as a strategic partner for 2M
Alliance operated by Maersk Line of Denmark and Mediterranean Shipping
Co of Switzerland since April 2017, but their partnership is set to
expire in March.
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