HMM Looks for Profit in Q1
Hyundai Merchant Marine Co. (HMM) expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, reports Yonhap, quoting its chief executive Yoo Chang-keun.
Yoo stated: "I can't say when we will swing to the black, but we are working hard on it by cutting costs and improving shipping rates."
Yoo said the shipping firm will seek to replace outdated ships. "We are planning to place orders for five container ships and three or five oil tankers," he said.
HMM returned to the black in the third quarter of the year from a year earlier largely thanks to cost-cutting efforts and asset sales.
Hyundai Merchant remains steadfast in taking over its local rival Hanjin Shipping Co.'s port terminal operation in the U.S., according to Yoo.
Hyundai Merchant, currently under a creditor-led restructuring scheme, has been seeking to take over key assets from Hanjin Shipping, which has been under receivership since September.
