HMM Takes Major Operating Loss


South Korean containership operator Hyundai Merchant Marine (HMM) has ended 2016 with an operating loss of US$595 million, according to Alphaliner.

The analyst agency reported that besides its bankrupt shipping compatriot Hanjin, the ocean carrier's operating margin was the worst among listed carriers last year at minus 18.5%.

In June 2016, South Korea media cited a Korea Shipowners’ Association report that said the country's economy would be hit by $19.1 billion in damages if South Korea lost both Hanjin and HMM.

HMM recently signed a memorandum of understanding with a state-run shipbuilding financing firm to sell part of its fleet to receive fresh funding and improve its financial status and is fighting industry-wide overcapacity through a strategic agreement known as the 2M+H Strategic Cooperation.

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