cheap air maxcheap air max 95 cheap air max 95cheap nike air max
Welcome to Brilliant Global Logistics Group
 
cheap air maxcheap air max 95 cheap air max 95cheap nike air max
User ID
Password

 

 

HMM reports operating loss of $513 million in 2018
Source
American Shipper
Post Date
02/14/2019

Korean container carrier Hyundai Merchant Marine said it had an operating loss of 576.5 billion won ($513 million) in 2018, compared with a loss of 406.8 billion won in 2017. The company saw revenue grow to 5.222 trillion won in 2018, an increase over the 5.028 trillion won it reported in 2017. The company said it handled 4,459,037 TEUs in 2018, a 10.6 percent increase over 2017.

In the fourth quarter of 2018, HMM had an operating loss of 83.5 billion won, which was smaller than the 118 billion won loss it reported in the fourth quarter of 2017. Revenue in the fourth quarter 2018 amounted to 1,446 trillion won, up from 1,188 trillion won in the fourth quarter of 2017.

The company noted that cargo volumes headed to the U.S. increased as shippers tried to move cargo ahead of possible tariff increases as well as the Chinese New Year holiday. But it said overall, the freight rate remained weak due to a delay in regional rate recovery, a volume decrease resulting from Iran sanctions and continuous competition in the regional market.

It also noted the average cost of bunker fuel increased 32 percent from an average of $321 per ton in 2017 to $424 in 2018. In the fourth quarter, the company said its average cost for bunker was even higher, $465 per ton. In the coming year it said the burden of high fuel costs will increase due to the U.S. sanctions against Iran, OPEC agreeing to cut oil production and an increase in demand for low-sulfur fuel oil in preparation for the mandate by the International Maritime Organization that ships use low-sulfur fuel ning in 2020 or equip their ships with scrubbers.

HMM said it will “put its efforts into collecting the emergency bunker surge to recover the increased bunker costs.”

“Uncertainty over the cargo volumes in 2019 will continue due to the concerns on a global economic slowdown, Brexit and the U.S.-China trade conflict,” the company said.

HMM said it secured financial liquidity by issuing perpetual bonds of 1 trillion won in the fourth quarter and said it will “continue its efforts to stably secure additional cargoes” to fill 20 large containerships it ordered last year. HMM has ordered 12 ships with 23,000-TEU capacity each and eight ships with 15,000-TEU capacity from Korean yards. Delivery of those ships is scheduled to in 2020.


Title
Source
Post Date
Visit
‘China will remain manufacturing’s center of gravity’.. American Shipper 03/15/2019
51
Carriers blank 10 sailings on Asia-North America .. American Shipper 03/15/2019
35
Donald Trump’s trade chief warns that China talks cou.. American Shipper 03/15/2019
43
A Capitalist versus a Socialist.. American Shipper 02/14/2019
181
Difficult solutions to US chassis chaos emerge .. American Shipper 02/14/2019
173
HMM reports operating loss of $513 million in 2018 .. American Shipper 02/14/2019
137
U.S., China agree any deal must be enforceable .. American Shipper 02/08/2019
171
Structural Steel from Canada, China, and Mexico Subje.. American Shipper 02/08/2019
186
LA-LB port warehousing nears limits.. American Shipper 02/08/2019
78
APM Terminals’ NY-NJ ups response to backlog.. American Shipper 02/08/2019
77
Page : 1   2   3   4   5        [Next 5 Page]  Last Page : 126 ( 1 of 126  Total Pages )

 

 

 

cheap air max 97cheap air max 90 cheap nike air maxcheap air max
Brilliant Group Logistics INC.
159 N. Central Ave. Valley stream, NY 11580
Tel : (516) 599-2406 Fax : (516) 599-0528