Hanjin Shipping Reports Post Demerger Losses

7 February 2010 (Last Updated February 7th, 2010 18:30)

South Korea's Hanjin Shipping has posted a loss of $26m on revenue of $573m for last December, which was its first full month of operation post its demerger. In January, Hanjin’s parent company split into two separate companies - one into a holding company, Hanjin Shipping Holdings, and

South Korea’s Hanjin Shipping has posted a loss of $26m on revenue of $573m for last December, which was its first full month of operation post its demerger.

In January, Hanjin’s parent company split into two separate companies – one into a holding company, Hanjin Shipping Holdings, and second an operating company, Hanjin Shipping.

In 2009 the company suffered a loss of $1.09bn from its shipping operations, compared to a profit of $323m in 2008.

For quarter-to-quarter basis, it reported a loss of $239m in the fourth quarter ending December, compared to a loss of $339m in the third quarter ending September 2009.

Hanjin Shipping says it expects sales to improve this year as a result of a rise in container traffic due to gradual economic recovery in the US and Europe.