Hanjin posts loss

Hanjin Shipping has slumped to a large full-year loss as liner rates were slashed due to the weak global economy.

The Korean diversified shipowner has, however, set its sights on a profitable 2010 with container traffic set to increase as key economies come back on line.

Hanjin posted a net loss of $1.09bn for the year to the end of December as against a profit of $323m for the year earlier.

Revenues dived 35% from $8.57bn to $5.61bn with sales form the container division down 32% and from the dry-bulk division down 41%. Both of these business segments did, however, experience upturns in the final quarter, leading Hanjin to point towards an improved year ahead.

“While 2010 shipping industry is expected as excess supply situation derived from new ship delivery previously ordered, supply side will decrease due to scrapping of older tonnage and slow steaming extension for reducing emissions and saving oil price,” a statement from the company read.

“In addition to this, [the] sales environment will be improved by the increase in container traffic due to the gradual economic recovery from US and Europe.

“Therefore, [the] 2010 business target has been firmed as “financial stabilisation by operating in the black.”

Printable version Newsletter sign up