News / HMM's losses mount as rising costs wipe out profit from increased business in Q3

© Vladimir Serebryanskiy

South Korean ocean carrier HMM recorded a net loss of $148m in the third quarter, to take its trading deficit to $519m for the nine-month period.

“In spite of HMM’s efforts in cutting costs and improvement in its revenue and handling volume, the net loss continued in Q3 due to an increase in bunker costs and a delay in regional rate recovery,” said the carrier.

This loss, in the traditionally most lucrative quarter, follows a negative result of $1.1bn last year, and the ...