Hanjin Shipping managed to significantly narrow its losses in the second quarter to KRW1.2bn ($1.1m) compared to a loss of KRW274bn a year ago.
The near miss on a return to profit during the second quarter is also a marked improvement from a net loss of KRW338.4bn in the first quarter of 2012.
Revenue for the South Korean shipping company came up to KRW2.83trn, a 18.4% increase from KRW2.39trn a year ago.
The rise in revenue was attributed to container freight rate recovery and increase in transported container volumes.
“Container transport volume is forecasted to rise as container shipping sector enters into traditional peak season, and we will make every effort to maximize profitability through additional rate increase plans on main trade lanes and various cost saving programs,” Hanjin Shipping said.
“As for the bulk business, oversupply still hangs over the global bulk market, while coal and crop shipments are to weaken as the summer peak season for electricity demand and the South American harvest season pass, but we will continue our efforts to secure stable operational cash flow by expanding the long-term contract business portion.”