Home » Breaking News, Maritime » Hanjin Shipping $295 million poorer in Q1

Hanjin Shipping, South Korea’s largest container shipping line, registered a greater first quarter net loss year-on-year due to higher bunker prices and lower cargo rates.

The world’s ninth largest carrier posted a consolidated net loss from January to March 2012 of US$295 million from $122 million for the same quarter a year earlier, a company statement said.

The bigger loss occurred despite an increase of 7 percent in container transport volumes for the same period this year, the company added.

The box giant’s operating loss in the first quarter of 2o12 totaled $190 million, compared with a $15 million loss in the first quarter of last year.

Hanjin said it would rely on higher rates, early peak-season surcharges, and lower operating costs “through deployment of low-cost mega vessels” to help offset losses in the second quarter.

 

Photo: Hanjin Shipping

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