Despite a cargo market recovery in cargo volume and Asia-Europe freight rates, the container division experienced an operating loss of US$8 million which the carrier attributed to the "insufficient rate increases in the transpacific trade and the costs caused by laying up vessels during the slack season."
Hanjin moved 817,639 TEU during the reporting period, an increase of 30.1 per cent compared to the first quarter last year.
"Even though the first quarter is traditionally a slack season, the cargo volume jumped by 30.1 per cent year on year with 32.9 per cent increase in total sales (US$1,683 million).
"Especially, the container division saw 38.8 per cent upturn in sales ($1,356 million) mainly due to the recovering global economy, which resulted in the sharp rise in cargo volume and rates of the company's major trades including the transpacific and Asia-Europe.
The bulk division's sales rose by 13.1 per cent compared to the first quarter of 2009 to $327 million owing to the improved profitability of time charter business of small/medium sized vessels."
The bulk division was also able to return to black in operating profit recording $10 million "thanks to the improved profitability of time charter business of small/medium sized vessels in spite of some decline in revenue after returning the chartered vessels," the carrier said.
Looking ahead, Hanjin Shipping said: "In the second quarter, for the container market, we expect vessel supply to increase along with the delivery of mega-sized vessels and redeployment of laid-up ships.
"However, we also expect our operating profit to continue to improve owing to the recovering global economy leading the growth in cargo volume during the traditional peak season, rate recovery in the transpacific trade and our extensive efforts to reduce costs.
Source : HKSG, 12.05.10.
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