HMM posted a total revenue of KRW 5.22 trillion for 2018, rising by 4% year-on-year, while volumes jumped by 10% to 4.46 million TEU. HMM’s operating loss for 2018 was at KRW 576.5 billion.
Overall freight rate remained weak due to a delay in regional rate recovery, volume decrease resulting from Iran sanction, and continuous competition in regional market, the company explained. Burden of fuel costs also increased in container business, as fuel costs dramatically rose compared to the last year.
During the fourth quarter of 2018, HMM secured financial liquidity by issuing perpetual bonds of KRW 1 trillion and acquired investment assets including eco-friendly mega containerships.
“HMM will continue its efforts to stably secure additional cargoes to fill up the newly ordered 20 eco-friendly mega-containerships until delivery,” the company said.