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Traffic up 15% but Hanjin's earnings tumble

Traffic up 15% but Hanjin's earnings tumble

Seoul: Hanjin Shipping's 2006 revenue rose 8.7% year-on-year to reach $6.35bn, on container traffic volume up 14.8%. Korean Won sales also increased (1.2%) despite what the company calls the 'drastic appreciation of the Won against the US dollar.' However, operating income plummeted 74% to Won 149.1bn, attributed to a combination of high fuel costs, low freight rates and weakness of he dollar. For 2007 Hanjin has set a goal of 7.4% y-o-y growth for container volumes (and 5.9% for bulk cargoes). The company says it also plans to invest about $682m in new vessels - of 6,500teu and 10,000teu - and container infrastructure, including a new terminal at Busan New Port.  [02/02/07]

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