South Korean shipping company SK Shipping posted a profit of KRW47.6 billion (USD40.18million) in the first half of 2015, up from KRW1 billion in the same period last year.
The company’s operating profit also jumped to KRW97.3 billion from KRW46.8 billion a year ago. The operating profit is the company’s biggest first-half result in the past 15 years.
“The improved profitability is possible, thanks to our well-balanced business portfolio and enhanced cost-competitive power,” stated SK Shipping in a statement.
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“This year, although the recovery of the bulk carrier market is slow, business results from the tanker sector have greatly improved. So, the overall profitability of the company can be improved,” SK Shipping added.
“Since the beginning of the 2008 recession in maritime industries, we have strived to make stable profits. Our continuous efforts, such as developing proper fleet portfolios and reducing costs, are now bringing us these favourable results.”
SK Shipping expects to post its largest ever results since the financial crisis at the end of 2015, as the second half of the year is a peak season in the shipping industry.
This post was sourced from IHS Maritime 360: View the original article here.
