HMM breaks 5 trillion won in sales

Hyundai Merchant Marine (HMM) was in the red 310.46 billion won due to sharp oil price rises and foreign exchange rate losses even though they made 5 trillion won in sales last year, an unprecedented amount in the domestic shipping industry. Ordinary losses also amounted to 406.1 billion won.

These losses were accounted for by the foreign exchange rate deficit, even though the shipping company posted gigantic sales.

HMM reported their annual sales results to shareholders in their 25th regular general meeting, March 29.

HMM President, Kim Chung-Shik said in the meeting, "We raised 5.1 trillion won worth of sales thanks to shareholders' support last year, though we did encounter difficulties in management in the wake of oil price and exchange rate surges. However, we will make 5.9 trillion won sales this year, up 15 percent, with the motto 'transparent and responsible management' ."

HMM is setting competitiveness as a high priority, and is paving the way there for itself by deploying five 6,500 TEU vessels in U.S bound trade lanes in the first half of this year. The company is going to concentrate on strengthening its market competitiveness with support from organized and systematic processes and distinct services, anticipating the worst world market conditions, such as the U.S. and Japan's economic hard landing as well as excessive vessel deployments in trade lanes.