Hyundai Merchant Marine’s revenues fell 19% on a year earlier in 2016, but experienced an 18% bounce in the fourth quarter compared to the third. This is partly explained by it taking on some of Hanjin Shipping’s business after the latter’s failure near the end of the third quarter. The recovery has a long way to go. Management expect losses to continue into 2018. Yet, their outlook is upbeat and reflects similar commentary from Maersk and the three Japanese shippers.