Asia/Pacific News
Hanjin Loss Up in Q2
Hanjin Shipping of South Korea reports it more than doubled its loss to KRW199.8 billion ($194.2 million) in the second quarter of 2014 compared with the same period last year, while sales fell 14.1 percent to KRW2.1 trillion ($2.0 billion).
The company achieved an operating profit of KRW29.0 billion ($28 million), compared with a loss of KRW98 billion ($95 million) in Q2 2013, but finance expenses of KRW219.2 billion ($213.6 million) hurt its bottom line.
The container shipping division's sales numbers dropped 11.7 percent to KRW1.9 trillion ($1.8 billion), but the operating result for the division swung from loss to profit as efficiency improved.
Seaspan Corp. [NYSE:SSW] (Seaspan) chartered three fuel-efficient Saver-design container ships to Hanjin Shipping this year.
Hanjin Shipping operates a fleet of 178 container, dry bulk, and tanker vessels, including 44 charter ships.
