South Korean shipping lines are expected to see their ongoing business slump continue into next year amid an oversupply of vessels and low freight rates, found a Hyundai Research Institute’s report. “A glut in vessels is forecast to continue into next year, making it difficult for the sector to recover to pre-crisis levels,” the institute said. The institute predicted that the country’s Big-3 shippers — Hyundai Merchant Marine Co., Hanjin Shipping Co., and STX Pan Ocean — will suffer operating losses next year.
