Hanjin sees revenue up slightly in 3Q

Hanjin Shipping announced its 2011 3Q business results with revenue of KRW 2,468.8 billion, an operating loss of KRW 135.1 billion, and a net loss of KRW 85.9 billion. A Hanjin Shipping representative explained, “Despite the supply cut to balance its container sales income and expenses, revenue saw a 3.2% upturn to KRW 2,468.8 billion thanks to a 7.7% increase in bulk rates and a 1.7% rise in total volumes.” | DATE : 2011.11.14

Port of Busan keeps growing with transshipment cargoes

The Port of Busan saw container volume increase by double-digit figures last month thanks to a jump in transshipment cargo volumes. The Minister of Land, Transport and Maritime Affairs (MLTM) announced the Port of Busan’s total volumes rose 16.9% up to 1,377,000 TEU compared with the same period last year. Due to an increase in trade between China and Russia, its import and export volumes climbed 9.2% to 737,000 TEU. | DATE : 2011.11.11

Seaspan sees great gains in 3Q

Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2011. In Q3, the company’s net earning increased 30.6% to USD 34.132 billion compared with the same period last year. From January 1 to September 30, net earning reached USD 87.953 billion, jumping 29.3% over a year ago. | DATE : 2011.11.10

Kuehne + Nagel plea agreement approved by U.S. court

The United States District Court for the District of Columbia has approved the plea agreement between Kuehne + Nagel International AG and the U.S. Department of Justice previously entered into on September 30, 2010. Kuehne + Nagel has agreed to pay a fine of approximately USD 9.9 million under the plea agreement to resolve allegations that international freight forwarders coordinated their activities with respect to establishing certain surcharges. | DATE : 2011.11.10

KLC’s major shareholder changes

Korea Line’s (KLC) largest shareholder changed to Danish Lauritzen Bulkers A/S from Lee Jin-Bang, CEO of Korea Lines on October 26th. The Danish carrier holds 765,114 shares, or a surprising 5.12%. On the other hand Mr. Lee and 13 persons, all ex-major shareholders, hold 303,659 shares, down from 17.67% to 2.03% of the company's shareholding. | DATE : 2011.11.07