Hanjin Swings to First Quarter Loss

Hanjin Shipping said Friday that it swung to a loss in the first quarter of the year mainly due to lower freight rates and reduced international trade.

The largest South Korean shipping line posted a loss of $191 million in the January-March period, compared with a profit of $92 million a year earlier, it said in a regulatory filing.

Sales fell 39.2 percent to $1.27 billion in the quarter, while operating loss came in at $177 million, compared with an operating income of $116 million a year earlier.

Contact Peter T. Leach at pleach@joc.com.