SOUTH Korea's Hyundai Merchant Marine (HMM) and SM Line are making headway in their
quest to revive their nation's ocean liner industry in the wake of Hanjin
Shipping's bankruptcy, although they are still suffering from operating
losses.
HMM's third quarter operating loss
of KRW28.3
billion (US$26 million), which included its terminal operation, marked
a sharp improvement on the loss of KRW212.27 billion that the
restructured carrier recorded over the same period in 2016.
Revenue in the third quarter surged
by 20 per cent year on year to reach KRW1.3 trillion, and liftings rose 41 per
cent to 1.04 million TEU, The Loadstar, UK reported.
Following its exclusion from THE
Alliance due to its dire financial position, HMM joined the 2M
vessel sharing agreement (VSA) as a slot charterer on Maersk and MSC
vessels from Asia to Europe and with standalone services on the transpacific
trade.
As for SM Line, which commenced one
Asia-US west coast service in April after it acquired the transpacific assets
of bankrupt Hanjin, is yet to turn a profit, according to Alphaliner.
Based on the container segment
performance extracted by Alphaliner from the third quarter results reported by
parent Korea Line Corporation, SM Line contributed an ebitda loss of KRW12
billion in the third quarter, double the KRW6 billion loss the previous
quarter.
Despite the negative operating
results, SM Line is continuing to expand rapidly particularly in the Middle
East-to-intra-Asia trades. The carrier is also said to be considering the
commencement of a new Asia to US east coast route from the second quarter of
2018.
On a positive note, SM Line's
liftings grew from 97,000 TEU in the second quarter to 142,000 TEU in the third
quarter.
However, both South Korean carriers
will face challenges ahead with shippers and counterparties in their battle to
overcome the damage caused by the collapse of Hanjin and rebuild confidence in
South Korea's container shipping industry.
Source : SN-TR.
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