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South Korean shipping company HMM reported a significant decline in profits for the first half of 2023, with a 90% decrease compared to the same period last year. The company attributed the drop to overcapacity in the container shipping industry, caused by the influx of new ships ordered during the pandemic. Freight rates in key trade lanes have been under pressure, but HMM expects a gradual recovery in cargo volumes. The company plans to introduce cost-cutting measures and improve operational efficiency to deal with market uncertainty.
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