Senator Lines reports $40 million profit for 2003

Senator Lines reports $40 million profit for 2003

      Senator Lines, the German-based subsidiary of Hanjin Shipping, Korea, reports a net profit of euros33 million ($40 million) for 2003.

   Following a string of losses in previous years, “we have now reached the turnaround,” says Hans-Hermann Mohr, Senator Lines’ managing director.

   Attributing this turnaround to an improved net yield, Mohr explained that in its “crucial services” Senator Lines had carried the same number of containers as in 2002, but proceeds per container had risen in 2003.

   The 2003 result shows that “we have chosen the right concept and the right strategy at the beginning of last year,” Mohr said.

   Senator Lines said even though especially the layoffs during the restructuring process had been bitter, Mohr highlights the success of the shipping company’s strategic reorientation. “Today we concentrate on growth-strong sailing regions. Here we offer flexible services for ambitious customers,” he said.

   Senator Lines had withdrawn from its U.S. business at the beginning of 2003. Mohr explains: “We were and are too small to be a “global carrier”, but we are much too big to be a “niche carrier”. Therefore we now concentrate on Europe-related container traffic, on container transports of and to northern Europe as well as of and into the Mediterranean states.”

   “Our customers admire our independence, Mohr said. “We respect the division of labor between carrier and freight forwarders. Thus we optimally contribute to the logisticians’ portfolio.”

   According to Mohr, Senator Lines enjoys “considerable reputation as (a) German enterprise and European brand.”

   In addition to its key North Europe and the Mediterranean services to and from Asia, and between the Mediterranean and Canada, Senator Lines also serves South America to and from North Europe.