Hanjin Shipping sets sales profits goal at 270 billion won

Mr. Won-pyo Choi, president of Hanjin Shipping revealed Feb. 20 that the company will raise 270 billion won of sales earnings by focusing on gains.

Mr. Choi said that there exists some uncertainties with the possibility of oil price hikes in the wake of a war outbreak in Iraq. “However, with the current favorable sales environment, we certainly would reach the goal as shipping rates have been continuously rising since last August,” he added.

Hanjin Shipping plans to promote its revenue to 5.2 billion won by an increase of 20% from the estimated 4.5 billion won of last year. The company expects to carry 2.7 million TEU of container cargoes and 57 million tons of bulk cargoes this year.

Mr. Choi explained that the largest obstacle for fulfilling sales profits is the outbreak of war in Iraq and the continuous rise of oil prices. Oil prices for operating vessels went up to 181 dollars per ton coming into this year from 154 dollars per ton last year, he added.

As China emerges as a vast new market with its rapid economic growth, the company is now planning to tap into the Chinese market aggressively by deploying 5,500 TEU vessels in lieu of its current 4,000 TEU vessels.