Hanjin joined Orient Overseas International (OOIL) and Neptune Orient Lines (NOL) last week in the red last week reporting an operating loss of KRW55.7bn ($49.6m) for the second quarter.
Although revenues grew by 6.9% to KRW2.67trn compared to the first quarter, the company was hit by low rates for container shipping.
In the second quarter Hanjin’s container volumes on the transpacific, Asia-Europe and intra-Asia trades grew by 10.0%, 7.6% and 8.3% respectively, however, it racked up an operating loss of KRW73.3bn for the boxshipping business. Bulk shipping reported an operating loss of KRW2bn.
Overall for the first half of 2013 Hanjin reported a 66.1% reduction in its net loss to KWR115.2bn compared to KRW339.6bn in the same period a year earlier.
Looking ahead Hanjin said: “In the third quarter, container business will see some transport volume growth as we enter into the peak season, and we will focus our efforts on maximizing profit margin through additional freight rate recovery in major trades and continuous cost reduction.”
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