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.