Container market shows ‘no encouraging signs’ of recovery: HMM

Friday, 17 May 2024

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HMM presented a grim assessment of the container shipping market Friday as the carrier reported a sharp decline in profitability with earnings continuing their sequential quarterly slide off the record results of last year despite a significant increase in volume through the third quarter. 

“Container demand is expected to be under downward pressure with no encouraging sign of restoring desire for consumption,” HMM noted in its results announcement, attributing the gloomy outlook to widespread inflation, the economic slowdown and rising geopolitical tensions. 

The South Korean carrier’s third quarter and nine-month results followed the same pattern of its peers such as...

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