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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navigation

MSC Approves SOLAS Amendments

SOLAS amendments to make IGF Code mandatory approved by Maritime Safety Committee   The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC),

Night Moves on America's Waterways

Overnight operations are certainly not unusual on America’s inland waterways, but that doesn’t make them any less hazardous. Onboard activities that seem so straightforward

Avoiding the Edges of the Sea

Mariners do best when they avoid the edges of the sea – the shoals, rocks, and other hard spots.  Coming into contact with the edges of the sea at other than a

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1013 sec (10 req/sec)