Hyundai Merchant Marine (HMM) reported preliminary group level results last Monday (13 Feb) after Market close. Group level net profit dropped 47% QoQ and 55% YoY. Comparing to the current cycle peak earnings, net profit has come down by 61%.  Though these results include the dry bulk and tanker operation of HMM, 93-95% of revenue and nearly 100% of earnings of HMM over the past 3 quarters came from container liner and  their related operation. Drop in the provide is primarily top line driven i.