The Seoul-listed shipping firm remained in the red and widened its losses from a 2012 full year deficit of KRW638bn.
“Oversupply in 2014 market is expected due to the continuous deliveries of new mega size vessels,” Hanjin Shipping said in a statement.
“However, the carriers will push harder for improvements in profitability. Therefore the shipping industry will gradually start to stabilise,” it said.
The company reported total revenue of KRW10.33trn in 2014, down 2.4% year-on-year.
Last year, its container division saw a 6% annual growth in its transport volume but its freight rate fell 6.5% year-on-year, recording an operating loss of KRW316.9bn.
Hanjin Shipping's bulk division stayed in the black due to a 2.6% annual growth in its transport volume and positive operating margin, achieving an operating profit of KRW9.3bn.
The terminal business also continued on a positive tone, turning in an operating profit of KRW65.2bn, with contributions from Hanjin Newport, TTI Algeciras (Spain), among others.
Hanjin Shipping emphasized: “In order to overcome the liquidity issue that continued throughout last year, we will faithfully execute the financial improvement and achieve operating profit this year.”
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