Coastal shipping companies show small profits

Although 80% of coastal shipping companies were in the black last year, most are small companies so the total in the black was very small.

The Pusan Regional Maritime Affaires & Fisheries Office announced on June 11 that 202 of 253 companies with costal cargo ships recorded fine results last year.

But 108 companies (54%) barely managed to maintain profitability with under 50 million won in profits. Only 10 large companies posted profits over 1 billion won.

Of the 253, 139 companies or 55% have fewer than 2 vessels. Companies with 3~5 vessels numbered 89 and companies with over 6 vessels numbered 25.