Hanjin Shipping Co., South Korea’s top container line, said that it will strive to swing back to the black in 2012 after suffering huge losses last year.
The shipper is estimated to have logged a loss of over 800 billion won in 2011, hit by higher fuel costs and falling freight rates.
During the fourth quarter of last year alone, Hanjin Shipping is projected to have suffered a loss of some 250 billion won.
The shipper’s accumulated net loss and operating loss in the first three quarters of last year reached about 300 billion won and 500 billion won, respectively.
“We will cautiously expect a rise in freight rates and demand for bulk shipping. We also plan to focus on cutting costs, thus improving our financial health,” said a Hanjin Shipping official.
In September, Hanjin Shipping said it would raise some 472 billion won by selling new shares as part of its efforts to improve its financial condition and prepare for a deepening downturn of the global shipping industry. (Yonhap News)
