Ocean-Going Industries Record Total Sales of 1.5 Billion Won

The sales volume of Korean ocean going companies earned in overseas t
rade in 1999 totaled 15,193,490 million won, down 6.1 percent compared
to 1998, but net profits after tax amounted to 601,349 million won, r
ising 3 times over 1998?.
According to the report the Korea Shipowner? Association released, ?
nalysis of Korean Ocean Going Shipping Companies? ManagementO, shippi
ng income involving export and import product transportation, and char
tered ships decreased 6.1 percent to 15,193,490 million won compared t
o the 16,182,049 million won of the previous year.
Sales items were divided into sailing incomes, which occupied 74.7 per
cent or 11,382,031 million won, were up 2.1 percent, chartered incomes
amounting to 917,093 million won, were up 13.6 percent, and agency in
comes, 11,435 million won, were up 33.9 percent over the previous year
.
Chartering incomes, however, have decreased 35 percent to 2,440,962 mi
llion won and extra incomes, fallen 3.8 percent to 441,918 million won
.
Sailing, chartering, and agency costs for ocean shipping companies dec
reased to 13,885,490 million won, or down 4.9 percent compared to the
previous year?.
The total profits Korean ocean going companies earned last year amount
ed to 1,572,970 million won, decreasing 16.8 percent over last year, a
nd sales profits totaled 826,523 million won, falling 27.3 percent. Or
dinary incomes, however, increased 516.8 percent to 492,900 million wo
n and net profits after tax were up 292.3 percent to 601,349 million w
on.
Five shipping lines recorded sales over 1 trillion won: Hyundai Mercha
nt Marine (4,835.6 billion won), Hanjin Shipping (4,835.6 billion won)
, Pumyang Shipping (1,499.9 billion won), Choyang (1,089.5 billion won
), and SK shipping (1,061.2 billion won). These 5 companies control 82
.2 percent of Korean shipping company business volume.