Stable Income Source
SK Shipping announced on Mar. 5 that it recorded 100.5 billion won (US$91.39 million) in operating profits last year to post a year-on-year growth of 707.2 percent. Its sales, meanwhile, slightly decreased to 2.3451 trillion won (US$2.1325 billion) from 2.5695 trillion won (US$2.337 billion), and current net income increased by 80.9 billion won (US$73.6 million) to reach a surplus of 4.5 billion won (US$4.1 million).
“We consistently increased the number of long-term transport contracts based on a cost compensation basis and improved our cost competitiveness by saving fuel costs,” the company explained, adding, “Also, the sale of our shares in SK B&T, our bunkering subsidiary, contributed to the business showings while the new capital stocks issued last year helped reduce the debt ratio and improve our financial stability.”
This year, SK Shipping is planning on a global LNG transport project. It won two LNG carrier contracts from the Korea Gas Corporation last year to cement its position as the number one LNG shipping company in Korea. The company is going to work on a solid profit source by participating in shale gas transport projects abroad, too.
“Market conditions are far from favorable this year, but we have earned sizable profits in the VLCC tanker business since late last year,” it mentioned, continuing, “We hope this year’s performance will be even better based on the stable income source.”