Hanjin Shipping Reports Q2 Profit

9 August 2010 (Last Updated August 9th, 2010 18:30)

Hanjin Shipping Holding has posted a net profit of $146m in Q2 2010 compared with a loss of KRW$135bn ($115m) in the corresponding quarter a year earlier. The South Korean shipping company also posted an operating profit of $143m due to increased cargo volume and recovery of freight rates

Hanjin Shipping Holding has posted a net profit of $146m in Q2 2010 compared with a loss of KRW$135bn ($115m) in the corresponding quarter a year earlier.

The South Korean shipping company also posted an operating profit of $143m due to increased cargo volume and recovery of freight rates in major trades, Hanjin said.

The company said its sales increased to $2bn during the same period compared with $1.29bn in 2009, registering a rise of 56%.

Container volume rose by 16.7% to 953,917teu while bulk division sales increased by 10.1% to $360m.