Korea posted its first quarterly deficit in marine transportation in a decade this year, central bank data showed Wednesday.
In the first quarter this year, the country’s deficit in marine transport came to $67.6 million, according to the data from the Bank of Korea.
Bank of Korea (Yonhap)
The Q1 reading marks the first quarterly deficit since 2006 when the central bank began compiling the data. In January alone, the deficit reached $135.4 million to mark the largest-ever monthly amount.
Marine transport includes passenger and cargo transportation, as well as other services provided at seaports.
Industry watchers said the first quarter data confirms the difficult business conditions that the country’s shipping firms face.
Hanjin Shipping and Hyundai Merchant Marine -- the two largest container carriers that are now undergoing debt-restructuring programs -- posted a combined net loss of 537.1 billion won ($455 million) in the January-March period.
(khnews@heraldcorp.com)