It reported an operating loss of KRW 62bn ($60.4m) for the three monthsended 31 March against a consensus of a loss of KRW 43bn.
Seoul-based HMM reported sales for the quarter of KRW 2 trillion, whichwas ahead of consensus of KRW 1.88 trillion.
HMM’s financial frailty is reflected in the fact that its net debt toequity ratio has more than doubled over the past year to 1,573%.
The shipowner has been desperate to offloadassessments partof the company’s restructuring plan to secure liquidity.
Lastmonth HMM offloaded its LNG transportation business for KRW 1 trillion in adeal with a private equity fund.
The deal was finalized after the fund, aconsortium comprised of IMM Private Equity and IMM Investment, was selected asthe preferred bidder.
HMM and the IMM consortium will jointly set up a new entity, tentatively namedHyundai LNG Shipping, and HMM will sell its eight LNG vessels and its stake inanother two vessels.
Earlier this month reports in South Korean mediasuggested HMM was getting ready to sell its dry cargo fleet.
Letters of intent have been invited for the bulker operationwith potential bidders given until the end of the month to reveal theirinterest, the Korea Economic Daily claimed.
A sale of the bulkerfleet would leave HMM with a fleet of 30 containerships and crude tankers toits name.
