South Korea’s Hyundai Merchant Marine reported a 2011 operating loss of $327 million, reversing a profit of $541 million in 2010, as revenue fell and costs rose.
Hyundai said revenue fell 9.9 percent to $6.4 billion, the company said in a filing to the Korea Stock Exchange. The diversified shipping company cited higher bunker costs and lower rates aggravated by vessel overcapacity.
The losses were the latest in a series for container lines, which Drewry Shipping Consultants has forecast lost a total of $5.2 billion in 2011. South Korea’s largest container line, Hanjin Shipping, last week reported a $437 million loss for 2011, including $487 million for container shipping.
Japan’s three largest shipping lines, NYK, MOL and “K” Line, said last week that their container units lost a total of more than $500 million in the fourth quarter.