Sinokor results fly high in 1Q

Sinokor Merchant Marine, a Korean carrier "Jang Geume" announced its financial figures for the first quarter and that the carrier gained tremendously positive results.

Sinokor mentioned its operating profit of KRW 28.8 billion, which was up by 94.9% from KRW 14.7 billion in 1Q 2011. The Korean-flagged carrier also made KRW 24.6 billion in net profit, soaring by 201.2% from KRW 8.1 billion in the same period of 2011. With these results, their net profit trebled over last year.

In addition, the operating profit to sales ratio recorded 14.5%. Revenue also grew to KRW 198.9 billion from KRW 183.6 billion compared with last year's 1Q, up by 8.3%.

Among the revenue, freight earnings and income for charters were KRW 143.9 billion and KRW 43.6 billion, respectively. Freight earnings increased by 1.6% and chartering income climbed by 36.6%.

A representative of Sinokor Merchant Marine said, "We saw container shipping rate income increase in most major trade lanes. Sinokor has reduced fuel costs through slow steaming and balancing capacities for container ships. Also we expended alliances with other carriers to cut idle vessels."

He added, "About the bulk carrier sector, we're steadily secured our own vessels and made long-term contracts with large customers. This adds to stable profitability for Sinokor." < 김보람 기자 brkim@ksg.co.kr >