HMM reports profit in Q3

The South Korean liner carrier, which reported a profit of 297 billion South Korean won on revenues of 1.078 trillion won for the third quarter of 2016, is reportedly planning to buy five containerships and three or five oil tankers.    Hyundai Merchant Marine (HMM) reported a profit of 297 billion South Korean won (U.S. $249 million) for the third quarter of 2016, a turnaround from a loss of 39 billion won for the same 2015 period.
   However, the South Korean liner carrier’s revenues fell to 1.078 trillion won for this year’s third quarter, down from 1.475 trillion won for the third quarter of 2015.
   For the first nine months of 2016, HMM had income of 237 billion won compared with a 219 billion loss for the corresponding period in 2015.
   Meanwhile, revenues for the first nine months of 2016 totaled 3.313 trillion won, down from 4.402 trillion won for the first nine months of 2015.
   Korea’s Yonhap News Agency reported that Yoo Chang-keun, the chairman of HMM, told reporters in Seoul that the company is planning to order five new containerships and three or five oil tankers.
   Earlier this month, HMM said it reached a three-year agreement for strategic cooperation with 2M Alliance members Maersk Line and Mediterranean Shipping Co. (MSC) on “key East-West trades” beginning in April 2017.
   HMM said the cooperation is outside the scope of the 2M vessel sharing agreement. However, HMM did say that it “will benefit the 2M network and provide new opportunities, not least in the transpacific trade. It includes a combination of slot exchange and slot purchase between the three parties.”