Most domestic shipping firms in the black

In contrast to the giant Korean shipping companies dipping into the red in the wake of global economic recession, most other domestic shipping liners stayed in the black thanks to good management.

According to one shipping industry official, Dongnama Line, which mainly operates vessels Asian trades, posted KRW 4.9 billion in net profit and a 22.4% increase in sales revenue to 303.8 billion won over last year. This is the fourth year running that Dongnama has seen solid growth.

Korea Special Shipping, primarily a gas and petroleum product carrier, posted KRW 93.8 billion in sales and KRW 5 billion in net profit last year. Based on its superior performance last year, the company is considering listing its stock on the Korea Stock Exchange.

The Korea Maritime Transportation Corporation (KMTC) pulled in KRW 383.7 billion in sales and KRW 560 million in net profits, maintaining its 17th consecutive year of profitability.

Pan Ocean shipping now got investment conversion April 1, is considering sales expansion such as vessel purchases, regarding its court-receivership to finish as of the end of May. Pan Ocean, ranked the third largest shipping company in Korea based on sales revenue, posted KRW 1.75 trillion in sales and KRW 22.2 billion in net profit after last year’s court receivership.

One shipping company official said that the growth trend would continue this year thanks to favorable shipping conditions.