DESPITE an 18 per cent increase in third quarter revenue year on year to US$1,43 billion, Korean flag carrier Hanjin Shipping's third quarter operating loss increased 10.7 per cent to US$199 million.
Cargo volume increased 18.6 per cent to 914,531 TEU year on year "on account of global economic recovery and additional cargo in the peak season", said the company statement.
The container division led growth of 11.8 per cent to $1.14 billion mostly from the increase in the Asia-Europe volume, higher freight rates and efficient fleet management.
The bulk division grew seven per cent to $296 million on back of an increase in volume enabled by new ship deliveries, said the company.
Despite the container division's savings in chartering, operating losses of $177 million resulted from the limited recovery in the transpacific freight rates, and an increase in oil prices, said the company.
Hanjin Shipping said rate recovery efforts on European trade lanes and bunker adjustment charges on the transpacific pay off. The company also said it would focus on cost savings and efficient fleet management.
"Hanjin Shipping remains hopeful of improved sales in the bulk division next quarter mainly from the expected increase in demand of iron ore, coal and agricultural products and stronger industry sentiment," said the company statement.
Hanjin is Korea's largest carrier and operates 60 liner and tramper services moving 100 million tons of cargo a year. Its fleet consists of some 200 containerships, bulk and LNG carriers.
The company operates through four regional headquarters, 200 branch offices and 30 local corporations, which earn 90 per cent of its revenue.
Source : HKSG, 14.11.09
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