News / HMM ends 2018 $720m in the red, but has high hopes for new ships and alliances

Subsidised South Korean ocean carrier Hyundai Merchant Marine (HMM) continued to bleed money in the final quarter of 2018, to end the year some Won808bn ($720m) in the red.

It attributed the loss, which follows a $1.1bn deficit the previous year, to increased fuel costs, the Iran sanctions and “delay in rate recovery”.

HMM transported 4.46m teu in the 12 months, which was 10.6% higher than the year before, as it stepped up its sales efforts.

In a brief comment on its sector ...