Business profits sinking for overseas services

Domestic shipping companies operating overseas services saw decreased business profits last year.

On June 22, according to MOMAF (Ministry of Maritime Affairs & Fisheries), 72 domestic overseas transportation companies recorded 24.8435 trillion won in sales, increasing merely 0.1% as compared with previous year. Meanwhile, they recorded 1.5999 trillion won in business profits, 1.8161 trillion won in current profits, and 1.5999 trillion won in net profits. These numbers represent decreases of 29.6%, 42.3%, and 33.4% respectively as compared with previous year.

Hanjin Shipping ranked first with 5.98 trillion won in sales, HMM took up second place with 4.8456 trillion won, then STX Pan Ocean with 2.7924 trillion won, SK Shipping with 1.5832 trillion won, and Eukor Car Carriers with 1.5560 trillion won. Collectively they shared 67.5% of total sales for all domestic companies.

Regarding current period net profits, Hanjin Shipping recorded 482.8 billion won, placing first. HMM results put it in second with 386.4 billion won, STX Pan Ocean ranked third with 263.5 billion won in net profits, Eukor Car Carriers had 105.2 billion won, and SK Shipping recorded 95.8 billion won.