With its restructuring deadline of September 4 rapidly approaching, troubled line Hanjin Shipping has published its second-quarter results.
A loss of $182m does not make pleasant reading; but on the other hand, neither did the results from OOCL, Hapag-Lloyd, Maersk Line and the Japanese trio of K Line, MOL and NYK, in what has been a very bad six months for liner companies.
Moreover, Hanjin’s customers did not desert the line in droves, as had been suggested in the media, despite its financial problems: in fact the carrier actually grew its liftings by 1% compared with Q2 2015, to 1,168,524 teu.
Nevertheless, there are anxious days ahead for Hanjin’s executives as they try to successfully “wrap up” charter rate negotiations and ship finance extensions.
