Saturday, November 14, 2009

Hanjin Shipping Suffers Loses in 3Q

Revenues and Tonnages Starting to Recover
Shipping News Feature

SOUTH KOREA - Hanjin Shipping, Korea’s largest shipping company, is the latest of the big freight lines to announce that it has, unsurprisingly, made further losses in the third quarter of this year.

Though the company suffered a quarterly net loss of $362 million in the third quarter ending September 30th, Hanjin did confirm that revenue has increased to $1.44 billion for the third quarter up from $1.3 billion for the second.

Container volumes also were increased by 18.6 percent to 914,531 TEU’s compared to the previous quarter. Container revenue was up 11.8 percent from the second quarter, whilst revenue from bulk cargo traffic increased by 7 percent.

Hanjin Shipping stated that they believe that the fourth quarter shall see improvements in the bulk market (which conforms to other shipping companies’ expectations) and that efforts to return shipping rates to viable levels on the Asian-European lanes and changes in fuel charges will improve the results for the fourth quarter.

(pic: © Hanjin)