Shipping company Hyundai Merchant Marine (HMM) reportedly posted increasing losses in the third quarter (Q3) of 2018 when compared to the previous year partly due to rising prices of bunker fuel.
It recorded net loss of KRW 166.7 billion (USD $148 million) in Q3 2018, 176% more than net loss of KRW 60.3 billion in the similar quarter last year.
Revenue in Q3 2018 was KRW 1.426 trillion, 10% more than revenue in Q3 2017; total containers handled in Q3 2018 was 1,181,981 TEUs, a 10% increase from Q3 2017.
Bunker fuel prices reached $445 per metric tonne (pmt) in the third quarter, up from $311 pmt from a year earlier.
The increase in bunker costs and delay in regional rate recovery resulted in HMM experiencing net loss, in spite of efforts to cut cost and improve its revenue and handling volume, it says.
Photo credit: Hyundai Merchant Marine
Published: 16 November, 2018
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