Hanjin Shipping Co., Korea’s largest shipping line, said that it posted a loss in the third quarter on falling shipping rates. The company posted a net loss of 421 billion won ($362 million) in the July-September period, compared with a profit of 31 billion won a year earlier. Sales dropped 30 percent to 1.78 trillion won, while the company also suffered an operating loss of 249 billion won over the cited period.
The group blamed falling freight rates and increased fuel costs for the poor performance.
Hanjin and other container lines have suffered losses this year on a glut of new ships and declining trade.
The group blamed falling freight rates and increased fuel costs for the poor performance.
Hanjin and other container lines have suffered losses this year on a glut of new ships and declining trade.