HYUNDAI MERCHANT MARINE POSTS $241-MILLION LOSS

HYUNDAI MERCHANT MARINE POSTS $241-MILLION LOSS

   Hyundai Merchant Marine, the heavily-indebted Korean shipping line, has reported further large losses for the year 2001, with a net deficit of 319.6 billion Korean Won ($241 million).

   The net loss follows a comparable net deficit of Won310.5 billion in 2000.

   Hyundai Merchant Marine’s operating income decreased by 32 percent last year, to Won309.2 billion ($234 million), from Won457.8 billion in 2000.

   Group sales increased to Won5.6 trillion ($4.2 billion), from Won5.2 trillion in 2000.

   In January, Hyundai Merchant Marine sold three container terminals in South Korea to Hong Kong-based Hutchison Port Holdings for $215 million to pay off debts.

   In early March, Hyundai Merchant Marine signed a memorandum of understanding with Wallenius Lines AB, of Sweden, and Wilh. Wilhelmsen ASA, of Norway, for the sale of its car carrier division.