South Korean ocean carrier Hanjin Shipping recorded an annual net loss of KRW 423.3 billion (USD 386.6m) in 2014, cutting losses by almost 38% compared to 2013 when the company reported KRW 680.2 billion (USD 620.7m) net loss.
The annual revenue reached KRW 8.655 trillion (USD 7.9 billion), 10.3% less than in 2013, a dip attributed to the disposal of older vessels and decreased capacity. Operating income was at KRW 82.1 billion (USD 75m), a vast improvement compared to the operating loss of KRW 412.3 billion (USD 376.2m) in 2013.
Hanjin Shipping said that ”with continued growth of the US market and positive influence of European Central Bank’s quantitative easing, container shipping market is likely to stabilise.”
The South Korean shipper has a positive outlook on the future, basing their optimism on the introduced cost cutting measures and lower oil prices.
World Maritime News Staff; Image: Port of Hamburg