The container line Hanjin Shipping said Monday it made $87.1 million in liner operating profits in the third quarter, a major swing from the $144 million it lost during the same period in 2011.
Liner revenue in the third quarter was $2.2 billion, an 24.3 percent rise year-on-year. Container volume in the quarter rose 6.2 percent to nearly 1.2 million TEUs.
Year-to-date the line has seen liner operating losses shrink by 77.5 percent to $43 million. Revenue has risen 15.6 percent through three quarters to $5.9 billion. Container volume for the year has risen 6.4 percent to 3.3 million TEUs.
Net losses for the Hanjin Group, which include a smaller bulk division, have fallen by 22.7 percent to $348.2 million.
“Demand and supply balance in the transpacific market will be sustained till the end of the year as the 4th quarter holiday shopping season approaches, along with further rate restoration expected in 2013, due to continued volume increase driven by U.S. economic growth mainly from housing market recovery,” the line said in an outlook statement.
“In the Asia-Europe routes, container freight rates are expected to stabilize gradually as carriers continue in eco-steaming, idling, service rationalization and rate restoration.” - Eric Johnson