South Korea’s Hanjin Shipping has posted a Q2 11 loss of USD 254 million, of which its liner division was responsible for USD157 million – where its average rate per TEU slumped to USD 1,287. It has pledged to “suspend loss-making” slings and “restructure service” in an endeavour to return to profitability
Hanjin blamed its “comparatively large exposure” to the troubled Asia-Europe tradelane for its poor performance; highlighted by a 14.3% quarter-on-quarter increase in liftings to just over 1 million TEU supported by just a 6.6% increase in turnover.
In a statement Hanjin said, going forward it would improve the profitability of its container business by “suspending loss-making routes, reorganising ports and rotations and restructuring deployed vessels”
Optimistically, Hanjin said that it expected an improvement in the third quarter; nonetheless investors were not impressed with the group’s stock losing 6.6% on the exchange.
|
Comments
Post a Comment