Location Transport

S Korea`s four big shipping giants see faster turnaround

Summary: South Korea s four big shipping giants that posted the worst outcome ever due to the slowing market in 2009 have made a rapid progress in terms of sales this year Sources from the shipping industry said Monday that the big four shipping giants such as Hanjin Shipping Co Hyundai Merchant Marine Co STX Pan Ocean Co and Korea Lining Corporation will be able to make the outcome back in the black this year if possible making a turnaround in the first quarter Hanjin Shipping Co one of South Korea s largest shipping lines planned to make as much as eight trillion won in total revenue and 200 billion won in operating profit This could be achievable when it is compared to the outcomes of 2009 which posted a total revenue of 7 12 trillion won and an operating loss of 942 5 billion won Hyundai Merchant Marine Co also set a goal much higher for this year which had logged sales of 6 11 trillion won and an operating loss of 565 4 billion won last year The company announced their own plan to increase their sales by 17 percent to reach total sales of 7 13 trillion won and an operating profit of 335 8 billion won The two giants Hanjin Shipping Co and Hyundai Merchant Marine Co have put efforts on improving their total sales by imposing heavier rates of container shipping Moreover the transpacific stabilization association TSA has raised $ 400 each for a 40 foot container from last month especially on the weakest areas from Asia to the U S The Bulk carrier industry is showing much faster recovery than the container industry STX Pan Ocean the country s biggest bulk carrier which had posted the least amount of loss among the big four shipping companies last year have seen a surplus in operating profit from the Q4 of 2009 Written by Jong wook Park Jin Choi edited by Soyoung Chung ⓒ Maeil Business Newspaper mk co kr All rights reserved South Korea s four big shipping giants that posted the worst outcome ever due to the slowing market in 2009 have made a rapid progress in terms of sales this year Sources from the shipping industry said Monday that the big four shipping giants such as Hanjin Shipping Co Hyundai Merchant Marine Co STX Pan Ocean Co and Korea Lining Corporation will be able to make the outcome back in the black this year if possible making a turnaround in the first quarter Hanjin Shipping Co one of South Korea s largest shipping lines planned to make as much as eight trillion won in total revenue and 200 billion won in operating profit This could be achievable when it is compared to the outcomes of 2009 which posted a total revenue of 7 12 trillion won and an operating loss of 942 5 billion won Hyundai Merchant Marine Co also set a goal much higher for this year which had logged sales of 6 11 trillion won and an operating loss of 565 4 billion won last year The company announced their own plan to increase their sales by 17 percent to reach total sales of 7 13 trillion won and an operating profit of 335 8 billion won The two giants Hanjin Shipping Co and Hyundai Merchant Marine Co have put efforts on improving their total sales by imposing heavier rates of container shipping Moreover the transpacific stabilization association TSA has raised $ 400 each for a 40 foot container from last month especially on the weakest areas from Asia to the U S The Bulk carrier industry is showing much faster recovery than the container industry STX Pan Ocean the country s biggest bulk carrier which had posted the least amount of loss among the big four shipping companies last year have seen a surplus in operating profit from the Q4 of 2009 Written by Jong wook Park Jin Choi edited by Soyoung Chung ⓒ Maeil Business Newspaper mk co kr All rights reserved

Image Dimensions: 800 x 605