South Korea's Hyundai Merchant Marine (HMM) narrowed its annual loss in 2013 to KRW713.3 billion (US$672.4 million) from the KRW988.6 billion loss posted in 2012, drawn on last year's revenues of KRW8.2 trillion, up 2.5 per cent.
The company said the narrowing of losses was due to cost cutting, but such efforts were undermined by low freight rates and high fuel costs. Operating losses were down 54 per cent to KRW330 billion year on year.
HMM announced plans in February to sell its LNG transport business. The sale will provide cash for the troubled company, but LNG has been a steady earner and owns 10 ships and handles 20 per cent of South Korea's LNG imports under long-term charters with state-owned Korea Gas, according to Shipping Gazette.
The company said the narrowing of losses was due to cost cutting, but such efforts were undermined by low freight rates and high fuel costs. Operating losses were down 54 per cent to KRW330 billion year on year.
HMM announced plans in February to sell its LNG transport business. The sale will provide cash for the troubled company, but LNG has been a steady earner and owns 10 ships and handles 20 per cent of South Korea's LNG imports under long-term charters with state-owned Korea Gas, according to Shipping Gazette.