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Hanjin in full reverse as first half losses top $400m

Seoul: While its peers generally are reporting better results in the second quarter, though still massively in the red, Hanjin Shipping is in full reverse. The Korean line managed to chalk up a net loss of $325m in the second quarter, far worse than its $191m loss in the first three months of the year. The result means that the firm managed to lose a staggering $416m in the first half, worse than NOL of Singapore on $391m and OOCL on $232m.
"Despite the loss in operating and net profit," the company said in a release, "the company is relieved to see a ray of light in the container transport volume, which jumped 22.7% QoQ, contributing to 2.5% increase in total sales of US$1.29 billion. Hanjin Shipping believes that the container liner business will finally start to pick up driven by the recovery in the global economy."
However, the firm's bulkers experienced a drop in total sales between the quarters, down from US$289 million to US$227 million "due to downsized fleet and reduced volume accompanied by declining rates".   [07/08/09]

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