Total Sales Records KRW 2.26 Trillion
Hanjin Shipping stated that this year, its 1st quarter container transport volume grew by 7.4% year-on-year despite slow U.S. economic recovery and European financial troubles. However, the quarter’s revenues retreated 0.5% to KRW 2.26 trillion in comparison to 2011 1st quarter due to decreased freight rates. Overall operating loss registered KRW 218.4 billion in spite of bulk division’s continued positive performance, as a result of rising oil prices and delayed container freight rate recovery.
Hanjin Shipping’s container business unit pushed to improve operating margin by attaining a year-on-year transport volume increase of 7.4%, cutting down supply on non-profitable routes and raising freight rates of the Trans-Pacific and the Europe routes during the first quarter. However, the business unit registered an operating loss of KRW 238 billion mainly due to high bunker costs.
The bulk unit enjoyed yet another quarter of positive performance, reaching an operating profit of KRW 10.3 billion, buoyed by a 27.2% rise in dedicated business sales even with increased supply of newly deployed vessels from 2011.
Regarding the 2nd quarter, Hanjin Shipping commented that “The container business unit has rolled out plans to ensure positive turn-around by launching new routes, adapting early peak-season surcharge in addition to other freight rate increase efforts, and lowering operating costs through deployment of low-cost mega vessels, and container transport volume as well as freight rates are on the increase since March. As for the bulk business, factors such as seasonal rebound in the Chinese iron ore industry, greater demand for coal to power the approaching summer’s electricity supply and southern hemisphere’s harvest season are expected to bolster the cargo volume compared to 1st quarter.”
저작권자 © 해사신문 무단전재 및 재배포 금지
