Safety in numbers

摘要

Hanjin had a mixed year in 2002, but it can look forward to a much improved 2003, thanks to higher freight rates, higher container volumes and increased synergies from its membership of the CHKY (Cosco, Hanjin, K Line, Yang Ming) alliance. The company's operating profit fell by 95% last year, to US$9.4 million, but it did remain in the black, unlike many of its competitors. This was partly due to its other shipping interests, including bulk and tankers. Overall net profit actually climbed from a deficit of $62 million in 2001, to a positive $14.3 million last year, helped by favourable rates of exchange. Oil prices, poor freight rates and the US West Coast (USWC) port strike in October 2002 particularly affected Hanjin. Although the company's total liftings grew by 6% in 2002, to 2.3 million TEU, this was not enough to offset low freight rate levels, as revenue fell by 2%, to $3.6 billion.