Hyundai Merchant Marine Loss Grows in Q3

South Korea's largest shipping firm by sales Hyundai Merchant Marine (HMM) said that its operating loss in the third quarter increased to 123.1 billion won (US$108.65 million) from 29.5 billion won in the same period last year.

According to the company, the net loss widened due to unfavorable market conditions and high fuel costs.

According to Yonhap, the net loss reached 166.7 billion won (US$146.7 million) in the July-September period, compared with a net loss of 60.3 billion won during the same period last year.

"Bunker fuel prices reached $445 per metric ton in the third quarter, up from $311 from a year earlier" the report said blaming the increased loss to higher oil prices and lower freight rates.

However, sales rose 10 percent on-year to 1.42 trillion won over the cited period, it said.