Hyundai Merchant Marine remained in the red in Q2

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Hyundai Merchant Marine remained in the red in Q2

Hyundai Merchant Marine, Korea’s top shipping firm, said Friday that it continued to suffer an operating loss in the second quarter of the year due to low freight rates.

Its operating loss reached 128 billion won ($112 million) in the April-June period, the company said in a regulatory filing.

Sales, however, jumped 22.1 percent on-year to 1.24 trillion won over the cited period, it said.

“Although revenues increased, which helped narrow the company’s operating loss, freight rates remained low, denting our bottom line,” it said.

Hyundai Merchant handled some 986,000 TEUs in the second quarter, up 46 percent on-year. YONHAP

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