Hanjin losses mount in 3rd quarter

Hanjin losses mount in 3rd quarter    Hanjin Shipping said Friday it lost $177 million from operation of its container line in the third quarter, bringing its year-to-date loss to $519 million on revenue of $3.6 billion.
   'Despite the container division's cost savings efforts in areas such as charterage, its operating loss of $177 million resulted from limited recovery in the major transpacific freight rates and increase in operating cost due to higher oil prices,' the carrier said in a statement.
   'Regarding the fourth quarter's business outlook, Hanjin Shipping forecasts that despite the traditional slack season in the container market, it continues to believe that rate recovery attempts in the Europe lanes and bunker adjustment charges in the transpacific lanes will yield positive results. The company also plans to strengthen its cost savings efforts through efficient management of its fleet.'
   The line handled 914,000 TEUs in the third quarter, up 18.6 percent from its second quarter volume of 771,000 TEUs. Hanjin didn't provide comparative results from the third quarter of 2008.