South Korean shipping line, Hyundai Merchant Marine (HMM), has posted a third-quarter loss on the back of rising fuel prices and falling freight rates, the financial newswire Bloomberg reports. While sales rose by 2.3 per cent to KRW1.23 trillion won, net profit was down KRW 1 billion from last year's KRW 45.7 billion.
HMM and its Korean counterpart, Hanjin, among other lines have suffered as a result of higher oil prices and port fees.
However, Mirae Asset Securities analyst, Ryu Je Hyun, said he expects earnings to recover in the new year as oil prices have begun to decline, while the current rate dips are also expected to ease.
HMM and its Korean counterpart, Hanjin, among other lines have suffered as a result of higher oil prices and port fees.
However, Mirae Asset Securities analyst, Ryu Je Hyun, said he expects earnings to recover in the new year as oil prices have begun to decline, while the current rate dips are also expected to ease.