Seoul: Hanjin Shipping’s heavy exposure on the transpacific saw it hit harder than most analysts had expected as it released its Q1 results today.
‘The Korean liner netted an operating loss of $177m in the first three months compared to an operating profit of $116m in the same period of 2008. Total sales declined 39.2% to $1.266bn. On the plus side, Hanjin forecast that global layups may well see an improvement in results for the second quarter. The company said it ‘expects the drop in rates to slow down as more ships are laid off and service lanes are shuffled to increase efficiency.