SEOUL, Aug. 11 (Korea Bizwire) – Hyundai Merchant Marine Co., South Korea’s top shipping firm, said Friday that it continued to suffer an operating loss in the second quarter of the year due to still lower freight rates. Its operating loss reached 128 billion won (US$112 million) in the April-June period, the company said in a [...]
SEOUL, Aug. 8 (Korea Bizwire) – A group of 14 local shipping firms launched a business alliance on Tuesday so they can work together to develop new shipping routes and operate overseas terminals. Hyundai Merchant Marine Co., Pan Ocean Co. and 12 other shipping companies that are mainly involved in routes in the Asian region [...]
SEOUL, Feb. 9 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, said Thursday that its loss sharply narrowed last year from a year earlier largely due to gains from asset sales. Net loss came to 4.4 billion won (US$3.84 million) last year, compared with a loss of 627 billion won a [...]
SEOUL, Jan. 19 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, said Thursday that it has decided to buy a stake in local troubled rival Hanjin Shipping Co.’s port terminal operator in the U.S., as part of efforts to save costs. In a regulatory filing, Hyundai Merchant said its board of [...]
SEOUL, Jan. 3 (Korea Bizwire) – Hyundai Merchant Marine Co., a major South Korean shipping line, said Tuesday that it has agreed to forge an alliance with two local rivals, a move apparently aimed at overcoming the downturn swarming the entire industry. Under the strategic alliance, the three firms will create a joint consortium, named [...]
SEOUL, Dec. 19 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, its chief said Monday. “I can’t say when we will swing to the black, [...]
SEOUL, Dec. 13 (Korea Bizwire) – An accounting firm assessing the viability of cash-strapped Hanjin Shipping Co. on Tuesday reported to a local court that the liquidation of the troubled shipper is “more economical,” rather than continuing its rehabilitation scheme. Hanjin Shipping, once the country’s leading shipping company, was put under court receivership in September, [...]
SEOUL, Dec. 12 (Korea Bizwire) – Stocks of Hyundai Merchant Marine Co. traded higher on the Seoul bourse Monday, rebounding from the previous session’s 6 percent drop, after it agreed to a “limited partnership” with the world’s largest shipping alliance. Hyundai Merchant changed hands at 7,060 won as of 10:30 a.m., up 2.17 percent from [...]
SEOUL, Dec. 7 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, has started its final talks to join a global shipping alliance to survive the cutthroat competition in the global shipping sector. According to the sources, the shipper’s negotiation team began the talks in Copenhagen with 2M Alliance, the world’s largest [...]
SEOUL, Dec. 1 (Korea Bizwire) – Hyundai Merchant Marine Co., a leading shipping line in South Korea, is expected to strike a deal this month to join the world’s largest container-shipping alliance, the country’s top financial regulator said Thursday, dismissing reports of trouble in last-minute talks. “Negotiations are likely to be completed around Dec. 10,” [...]