Weak third quarter results from the South Korean shipping companies are not a surprise, with Hanjin Shipping’s revenues dropping 46% as a result of its operations ending on August 31. Hyundai Merchant Marine’s revenues fell 27% on a year earlier – a similar rate to the Japanese shippers’ 22% to 26%. Yet, HMM’s revenues increased 6% on the second quarter, suggesting a bigger impact from higher spot rates than seen by Evergreen, but not as good as COSCO. With three companies left to report, industry revenues are 1.5% better than the second quarter.