Hanjin Upbeat, Eyes Bigger Ships

Friday, October 22, 1999
Hanjin Shipping Co., cautiously upbeat on its prospects, will lease bigger ships as the company turns to profitability this year, its president said. Cho Sooho, the head of the South Korean firm, said that its sales could rise by five to six percent to $3.5 billion in 1999 from a year earlier. Its net profit for the second half of 1999 is expected to be higher than the 11.4 billion won posted in the January-June period. Hanjin Shipping, an affiliate of the Hanjin Group, is one of South Korea's two major carriers; the other is Hyundai Merchant Marine Co. Ltd. Hanjin and Hyundai handle about half of South Korean outbound traffic. Cho said Hanjin was replacing some of its older ships to increase its capacity. Container transportation accounts for about 78 percent of Hanjin's revenues. "But we are not planning to expand too much in view of the over-capacity in the industry," Cho said after talks with Malaysian Prime Minister Mahathir Mohamad. Cho said the company would replace five vessels, each with a capacity of 4,000 teu, with leased vessels each with a capacity of 5,000 teu, allowing an overall capacity increase of 5,000 teu for the company. Malaysia, moving to cut down dependence on neighboring Singapore's port, is aggressively encouraging main container lines to step up calls at its ports. There was talk that Hanjin might relocate its regional headquarters to Malaysia's Port Klang from Singapore. But Cho said he would not comment on the speculation. - (Jalil Hamid, Reuters)
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navigation

Haze and Reduced Visibility at Singapore Ports

Due to the presence of haze, the Maritime & Port Authority of Singapore Port Marine in their Notice No.113 of 2014 dated 15 September 2014 have informed the

L-3 MSI to Equip Third Quantum Class Ship

L-3 Marine Systems International (L-3 MSI) announced today that it has been awarded a contract to provide a range of navigation, lighting and communication systems

USCG Respond to Grounded Vessel near Pleasant Harbor, Washington

The Coast Guard and Washington State Department of Ecology are responding to a report a of 65-foot pleasure craft aground near Pleasant Harbor in Brinnon, Washington, Sunday morning.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1072 sec (9 req/sec)