Hanjin Shipping swings to loss in Q3 on falling cargo rates

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SEOUL, Nov. 13 (Yonhap) -- Hanjin Shipping Co., South Korea's largest shipping
line, said Friday that it swung to a loss in the third quarter from a year
earlier on falling shipping rates.

The company posted a net loss of 421 billion won (US$362 million) in the
July-September period, compared with a profit of 31 billion won a year earlier.
Sales dropped 30 percent to 1.78 trillion won, while the company also suffered an
operating loss of 249 billion won over the cited period.
Hanjin and other container lines have suffered losses this year on a glut of new
ships and declining trade.
Hanjin said falling freight rates and increased fuel costs are the main reasons
for the poor performance.
"A recovery in trade and shipping rates will help business performance improve
down the road," said a company official.
Shares of Hanjin Shipping were trading at 17,150 won on the Seoul bourse as of
2:40 p.m., down 1.71 percent from Thursday close.
sam@yna.co.kr
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