Hanjin Shipping recorded a first quarter loss in net profit of US$28 million on the back of high fuel prices and a weak Korean won. In a statement, the South Korean carrier said it was planning to apply a controversial floating bunker charge to minimise the loss caused by the rapid changes in global oil prices, as well as rationalise its services. “We are concentrating all our efforts on achieving our targets in 2008,” the statement said.
Overall, EBITDA increased to $147 million, with total sales growing substantially by 29.8 percent from a year earlier due to improved average revenue per TEU and an expanded fleet.
The container line division climbed 16.8 percent in total sales with an outcome of $1.4 billion, while bulk jumped 95.2 percent.
Despite the slow recovery of the transpacific trade after the US recession and the augmented fuel cost resulting from the hike in oil prices, the container line division managed to recover its operating profit, moving into the black year-on-year, thanks to the favorable market conditions in the Asia-Europe trade as well as the increase in general freight rates.
Overall, EBITDA increased to $147 million, with total sales growing substantially by 29.8 percent from a year earlier due to improved average revenue per TEU and an expanded fleet.
The container line division climbed 16.8 percent in total sales with an outcome of $1.4 billion, while bulk jumped 95.2 percent.
Despite the slow recovery of the transpacific trade after the US recession and the augmented fuel cost resulting from the hike in oil prices, the container line division managed to recover its operating profit, moving into the black year-on-year, thanks to the favorable market conditions in the Asia-Europe trade as well as the increase in general freight rates.