HJS sales 1.16 trillion won in first quarter this year

Han Jin Shipping celebrated its 24th anniversary on May 16, 2001. It will aim to be the third largest international logistics group inside of the next few years, and concentrate on profitable management more and more, said the president of HJS, Mr. Changil Kim.

HJS posted a 24 percent increase in sales to 1.16 trillion won in the first quarter of this year, even though all cargoes to and from North America plunged under the weakness of the U.S. and Japanese economies, and the depreciation of Southeast Asian currencies, he added. Though operating profits reached 100 billion won, exchange rate losses forced HJS 157 billion dollars into the red.

Mr. Jeongwon Park, the executive director, said that HJS will confirm its position as the largest container company in Korea as well as being the leading global liner, adding thirteen more 4,000-5,000 TEU vessels by the end of next year, bringing its fleet to 103 vessels, including consortium and space charters.

Mr. Park anticipated that lessening the 200 percent debt to equity ratio regulation for the shipping industry might lead to favorable circumstances in the future for vessel procurements.

Last year, HJS succeeded in acquiring a 100 million dollar loan from ABN bank, in the Netherlands.