Hyundai Merchant Marine (HMM) posted a net loss of KRW 734.6 billion (USD 653 million) in the first quarter of this year sinking further from a loss of KRW 276 billion reported in 2016.
The results were attributed to lower charter rates during the quarter and higher fuel costs.
HMM’s operating loss reached KRW 131.2 billion, narrowed from the previous year’s KRW 163 billion. Furthermore, the shipping company’s sales were also up by 7 percent standing at KRW 1.302 trillion.
During the quarter, HMM’s containerships handled 958,000 twenty-foot equivalent (TEU) containers, a 37 percent increase year-on-year, with markets in North America and Asia recording the biggest spikes, 41.4 percent and 62.4 percent respectively.