KOREA Marine Transport Company (KMTC) has retained its lead as the country's best performing feeder operator in terms profitability, reports Container News, of Jacksonville and Athens.
Korea's 12 privately-owned South Korean feeder operators have released their 2019 results as required by law for companies with assets exceeding KRW12 billion (US$9.67 million).
In 2019, kmtc Line reported revenue of KRW1.84 trillion), up 13.5 per cent year on year, while net profit more than doubled to KRW36.66 billion. The company has been profitable every year since 1985.
The substantial growth in KMTC Line's earnings was attributed to higher freight rates for services to the Middle East and India, and surcharges for burning low-sulphur fuel oil.
In revenue terms, Sinokor Merchant Marine's consolidated revenue was KRW1.53 trillion, up 14.7 per cent from 2018. However, the company, which acquired the loss-making Heung-A Line last year, also counts Hansung Line as a subsidiary, and it saw a decrease in net profits to KRW2.28 billion, reversing a net profit of KRW9.25 billion in 2018. Although Sinokor had an operating profit of KRW51.46 billion, the company incurred higher non-operating expenses.
Heung-A Line's revenue KRW572.68 billion was down nearly seven per cent, while its net loss of KRW63.88 billion narrowed from the net loss of KRW72.06 billion in 2018.
Hansung Line's net profit increased 45 per cent to KRW20.07 billion, while revenue was up 15 per cent to KRW74.75 billion.
Apart from Sinokor and Heung-A Line, the other South Korean feeder operators were in the black.
Namsung Shipping also posted profits with unconsolidated 2019 revenue KRW409.36 billion up 11 per cent, while net profit grew seven per cent to KRW4.12 billion. Namsung's subsidiary, Dong Young Shipping, saw 2019 revenue rise nine per cent to KRW142.48 billion, but net profit fell 29 per cent to KRW6.79 billion.
Pan Ocean, Pan Continental Shipping, Taiyoung, Doowoo and CK Line, all five more minor regional players posted increased net profits of between five per cent and 11 per cent except Doowoo which reported a decline in net profits by 31 per cent to KRW1.45 billion, although its revenue was up 10 per cent to KRW40.78 billion.
South Korea's feeder lines are KMTC Line, Sinokor Merchant Marine, Heung-A Line, Namsung Shipping, CK Line, Pan Ocean, Dongjin Shipping, Pan-Continental Shipping, Dong Young Shipping, Taiyoung Shipping, Hansung Line and Doowoo Shipping.
SeaNews Turkey
Korea's 12 privately-owned South Korean feeder operators have released their 2019 results as required by law for companies with assets exceeding KRW12 billion (US$9.67 million).
In 2019, kmtc Line reported revenue of KRW1.84 trillion), up 13.5 per cent year on year, while net profit more than doubled to KRW36.66 billion. The company has been profitable every year since 1985.
The substantial growth in KMTC Line's earnings was attributed to higher freight rates for services to the Middle East and India, and surcharges for burning low-sulphur fuel oil.
In revenue terms, Sinokor Merchant Marine's consolidated revenue was KRW1.53 trillion, up 14.7 per cent from 2018. However, the company, which acquired the loss-making Heung-A Line last year, also counts Hansung Line as a subsidiary, and it saw a decrease in net profits to KRW2.28 billion, reversing a net profit of KRW9.25 billion in 2018. Although Sinokor had an operating profit of KRW51.46 billion, the company incurred higher non-operating expenses.
Heung-A Line's revenue KRW572.68 billion was down nearly seven per cent, while its net loss of KRW63.88 billion narrowed from the net loss of KRW72.06 billion in 2018.
Hansung Line's net profit increased 45 per cent to KRW20.07 billion, while revenue was up 15 per cent to KRW74.75 billion.
Apart from Sinokor and Heung-A Line, the other South Korean feeder operators were in the black.
Namsung Shipping also posted profits with unconsolidated 2019 revenue KRW409.36 billion up 11 per cent, while net profit grew seven per cent to KRW4.12 billion. Namsung's subsidiary, Dong Young Shipping, saw 2019 revenue rise nine per cent to KRW142.48 billion, but net profit fell 29 per cent to KRW6.79 billion.
Pan Ocean, Pan Continental Shipping, Taiyoung, Doowoo and CK Line, all five more minor regional players posted increased net profits of between five per cent and 11 per cent except Doowoo which reported a decline in net profits by 31 per cent to KRW1.45 billion, although its revenue was up 10 per cent to KRW40.78 billion.
South Korea's feeder lines are KMTC Line, Sinokor Merchant Marine, Heung-A Line, Namsung Shipping, CK Line, Pan Ocean, Dongjin Shipping, Pan-Continental Shipping, Dong Young Shipping, Taiyoung Shipping, Hansung Line and Doowoo Shipping.
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