Tag: Hyundai Merchant Marine

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HMM remains uncertain for its 2019 cargo volumes

Hyundai Merchant Marine expects uncertain results over cargo volumes to continues in 2019, because of multiple, global economic factors. The uncertainty is based on the global economic slowdown, Brexit and the US-China trade war. Yet, HMM noted that it will continue its efforts to secure additional cargoes to fill the newly-ordered 20 eco-friendly mega-container ships until delivery, after signing the final contracts for the mega vessels with three shipyards in September 2018. The units are scheduled to start joining the owner from the second quarter of 2020.

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G6 Alliance decides to maintain current 6-loop product structure for Asia-Europe service

G6 Alliance : eight loops connect nearly 40 ports in 25 countrie Members of the G6 Alliance announced today that they will maintain the current 6-loop product structure and not reinstate the planned Loop 2 Asia-Europe service.This loop was originally developed as one of the seven loops between Asia and North Europe jointly provided by the six members. It was not initiated in March because of the unsuitable market conditions at that time and the G6 Alliance has not seen any improvements in the current market environment to justify the implementation of an additional service in the Asia-Europe trade.The G6 Alliance members: APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line.The G6 Alliance provides six loops between Asia and North Europe, the Asia-Mediterranean Express Service (EUM), and the Asia-Black Sea Express Service (ABX). These eight loops connect nearly 40 ports in 25 countries of the trade with over 110 weekly calls, at major ports daily.Source: NYK

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Hyundai Merchant Marine Expresses Concern with Soaring Bunker Fuel Prices

Expects the U.S. dollar to weaken against the Korean won Hyundai Merchant Marine Co., South Korea's second-largest shipping firm by sales, expects the U.S. dollar to weaken against the Korean won toward the end of the year but doesn't see any major impact on the balance sheet from the won's strength, a company official said Monday.If the won strengthens against the dollar towards the end of the year, it may eat away at the bottom line as the won's strength increases operating costs such as won-denominated wages for Korean employees."But the portion is so small for a company (Hyundai Merchant) where most of income and spending are being paid in dollars that the won's strength won't deal a blow to the bottom line," Cho Sung-min, deputy general manager of the company's strategy development team, told Dow Jones Newswires in an interview.The company adopted the dollar as functional currency in 2008 and more than 95% of its income is dollar denominated.As for currencies excluding the dollar and the won, it will hedge swings from the currencies through "income-expense management" and forward contracts."To deal with 90% of volatility in non-dollar currencies such as the euro and the yuan, we are matching income ...

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