HVDC transmission losses come out lower than the AC losses in practically all cases.
An optimized HVDC transmission line has lower losses than AC lines for the same power capacity. The losses in the converter stations have of course to be added, but since they are only about 0.6 % of the transmitted power in each station, the total HVDC transmission losses come out lower than the AC losses in practically all cases. HVDC cables also have lower losses than AC cables. The diagram below shows a comparison of the losses for overhead line transmissions of 1200 MW with AC and HVDC.