Hanjin 2nd quarter sinks into red

Hanjin 2nd quarter sinks into red    Hanjin Shipping said Friday its container division had an operating loss of $185.4 million in the first half of 2011, including a $159.4 million loss in its second quarter.
   The line didn't release first half profit from 2010, but in the second quarter of 2010, Hanjin secured $126 million in operating profit.
   The line saw its container volume rise 13.2 percent in the second quarter to 1.1 million TEUs, while revenue fell 1.5 percent to $2.2 billion.
   'The main reasons for such deterioration are found to be the increased fuel and logistics costs with the delayed recovery in freight rates on the transpacific and Asia/Europe trades,' Hanjin said. 'Container business is expected to experience some increase in cargo transport in line with the peak season. Its profitability is also expected to improve as shipping carriers are positively trying to recover freight rates and reduce costs.'