Major Korean shipping companies recently announced their business performances for the year 2011. Most of the shipping lines went through the fall in the sales and the leading companies turned to deficit.
Increase in the loss of the shipping lines results from the continuing recession, deterioration of shipping market conditions and high oil prices and it has something in common with the world-wide recession in shipping industry.
Hanjin Shipping recorded turnover of 9 trillion and 165.9 billion Won while Hyundai Merchant Marine showed 7 trillion and 420.8 billion Won. STX Panocean was 5 trillion and 59 billion Won.
The sales of the leading shipping lines dropped compared with the year 2010. Hanjin's turnover in 2011 fell by 202.8 billion Won from the previous year. They also experienced deficit of 496.5 billion Won and 741.1 billion Won respectively in terms of business loss and net loss.
Hyundai showed deficit of 414.6 billion Won(business loss) and 534.3 billion Won(net loss) last year while the company recorded the sales of 8 trillion and 124.2 billion Won, business profit of 589.6 billion Won and net profit of 576.4 billion Won in 2010.
STX Panocean went through net loss of 4.4 billion Won and Heung-A Shipping got the business loss of 6.1 billion Won in spite of the sales of 663.3 billion Won.
On the other hand, a number of shipping lines were still in the black. KMTC Line recorded turnover of 952.1 billion Won, business profit of 1.4 billion Won and net profit of 4.8 billion Won last year.
Sinokor had the best business performance among the shipping companies with turnover of 745.1 billion Won, business profit of 48.2 billion Won and net profit of 40.6 billion Won. The company ever recorded turnover of 723.7 billion Won, business profit of 90 billion Won and net profit of 42.3 billlion Won in the previous year.
KSS Shipping recorded turnover of 98.4 billion Won last year, which is the sales decrease by 10 billion Won compared to the previous year. However, both business profit and net profit showed the rise respectively by 7.5 billion Won(total 28.9 billion Won) and 13.8 billion Won(total 24.1 billion Won).
