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.
Source : HKSG.
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