Hanjin in $780 million profit fall through Q3

   South Korean container line Hanjin Shipping sustained $143.8 million in operating losses in the third quarter, the company said Friday.
   That was a huge swing from the $358.4 million profit the line made in the corresponding period in 2010. Hanjin’s revenue in the third quarter fell 15.7 percent, to $1.7 billion, while container volume increased 12.3 percent, to 1.1 million TEUs.
   For the year, Hanjin’s container division revenue has fallen 2.3 percent, to $6 billion, while it has incurred $315.6 million in operating losses through the first three quarters, compared to an operating profit of $464.5 million in 2010. Container volume has risen 13.6 percent through three quarters, to 3.1 million TEUs.
   “The container division will focus on recovering freight rates by service rationalization as a preparation for the expected imbalance between demand and supply especially during the traditional slack season,” Hanjin said in a statement. “We will also continue our efforts to reduce all possible costs in order to improve the profitability of our container business.”