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Hanjin Shipping returns to the black in 2015

Hanjin Shipping returns to the black in 2015
Hanjin Shipping has returned to the black in 2015 despite having operated in a difficult shipping market and seen a drop in revenue.

Net profit for its 2015 financial year came up to $6m, as against the loss of $396m in 2014.

The annual revenue, however, fell by 15.3% year-on-year to $6.86bn due to lower freight rates.

Hanjin Shipping’s dry bulk division continued to record an operating loss of $93m in 2015 compared to the bigger operating loss of $154m in 2014, but earnings in its container and other divisions helped the company snatch a profit.

“By solidifying the low-cost structure and rationalising service lanes, the container division has managed to continue its positive operating profit since 2014,” Hanjin Shipping commented.

The South Korean shipowner, however, pointed out that the container shipping market may face challenges in 2016 due to the continuing imbalance of supply and demand.