Hyundai Merchant Marine expects losses until mid-2018
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Singapore
HYUNDAI Merchant Marine Co, South Korea's biggest sea carrier, said that it will post losses till the first half of 2018 as the container shipping industry attempts to recover from Hanjin Shipping Co's bankruptcy and years of excess capacity.
As a hedge against adverse conditions plaguing shipping, Hyundai Merchant has initiated talks to invest in box terminals in South-east Asia, chief executive officer Yoo Chang Keun, 64, said in an interview on Monday. Once the company begins to turn around to profit, Hyundai Merchant plans to order new ships to meet new emission rules scheduled to take effect at the end of the decade.
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