HMM Reduce Q1 Losses on Increased Charges, Decreased Costs

Hyundai Merchant Marine (HMM) Co.'s net losses narrowed to 65.6 billion won in the first quarter from 178.5 billion won a year earlier due to increased shipping charges, decreased operating costs, and securing high-value shipping deals.

South Korea's flag carrier and biggest shipping company by sales, HMM sharply brought down its first-quarter operating costs to 2 billion won from a deficit of 105.7 billion won a year ago.

Sales dropped 0.2 percent on-year to 1.31 trillion won during the said period.

Last month, HMM launched the world's largest containership, HMM Algeciras, which has a nominal TEU capacity of 23,964.

It is the first of twelve 24,000 TEU containerships to be operated by HMM.

The rest will be delivered over the next year.

HMM is pinning its hopes on these mega-ships to play a critical role in the "reconstruction" of South Korea's shipping industry.