Hyundai Merchant Marine Co, South Korea's second largest shipper, said that it swung to an operating loss in 2011 due mainly to increased fuel costs and lower shipping rates.

Operating loss reached KRW 367 billion in 2011 as compared with an operating income of KRW 598 billion in 2010. Sales also fell by 9.9% YoY to KRW 7.19 trillion over the cited period. The shipper did not provide figures on net income for 2011.

Hyundai Merchant said that the operating loss in 2011 was attributable to increased costs of fuel and oversupply of ships which led to a fall in shipping rates. The shipper said it expects its business performance to improve on rising shipping rates.

(Sourced from www.yonhapnews.co.kr)