Hyundai Merchant Marine sees loss in 2011 on shipping rates

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Hyundai Merchant Marine sees loss in 2011 on shipping rates

Hyundai Merchant Marine, Korea’s second-largest shipper, said yesterday that it had an operating loss last year due mainly to increased fuel costs and lower shipping rates.

Operating losses reached 367 billion won ($328 million) last year, compared with an operating profit of 598 billion won a year earlier, the company said in a regulatory filing.

Sales also fell 9.9 percent to 7.19 trillion won over the cited period. The shipper did not provide figures on net income for 2011.

Hyundai Merchant said the operating loss in 2011 was attributable to increased costs of fuel and oversupply of ships, which led to a fall in shipping rates.

The company said it expects its performance to improve on rising shipping rates.

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