Hanjin 2nd quarter liner profit spikes

Hanjin 2nd quarter liner profit spikes    Hanjin Shipping said Thursday its liner division had $126 million in second quarter operating profits, a huge reverse from the $200 million the division lost in the same period in 2009.
   Hanjin's liner division also saw revenue rise 39.1 percent in the quarter to $1.7 billion.
   Overall, the Korean carrier saw second quarter revenue rise 56.4 percent to $2 billion, including its smaller bulk division. Total operating profit rose to $143 million from a loss of $223 million in the second quarter of 2009.
   Container volume rose 23.7 percent in the quarter to 953,917 TEUs.
   'Despite the uncertainty of the world economy, we were able to return to black as a result of the increase in cargo volume and recovery of freight rates in major trades,' Hanjin said in a statement. 'However, we were not able to return to the performance before the financial crisis in 2008 both in terms of revenue and operating profit. Meanwhile, during the first half of the year, we worked on reducing our debt ratio through rights issue and stake sales of our Busan New Port Terminal.
   'For the container division, though we expect cargo volume to stay strong with the annual peak season approaching, we are also concerned that the uncertainty will remain in the market due to the scheduled deliveries of mega-sized vessels.'