KOREA's Hanjin Shipping narrowed its net loss by 37.8 per cent to US$386 million in 2014 on the back of much improved operating earnings.
Hanjin cuts loss 37.8pc, delivers US$750 million operating profitKOREA's Hanjin Shipping narrowed its net loss by 37.8 per cent to US$386 million in 2014 on the back of much improved operating earnings.
Despite a four per cent decline in container throughput during the year to 4.5 million TEU, revenues, including bulk shipping, reached $8.2 billion, delivering an operating profit of $750 million compared to 2013's $376 million operating loss.
"With continued economic growth of the US market and positive influence of European Central Bank’s quantitative easing, the container shipping market is likely to stabilise," said a Hanjin statement accompanying the results.
"Cost structure improvement measures have secured our cost competitiveness and together with falling oil prices, it is likely that our figures will improve continuously," the statement said.
The container division posted revenues of $7.7 billion, down 7.5 per cent year on year with operating profit coming in at $130 million compared to the previous year's loss of $289 million.
