Hanjin in poor start

Hanjin Heavy Industries reported a KRW 25bn ($24.4m) loss for the first three months of 2014 in figures released Wednesday.

The South Korean shipbuilder said sales came in at KRW 604.4bn, but gave no comparative figures from a year ago.

Last month the shipbuilder was reported to have secured newbuilding deals for three capesize and two VLCC newbuildings all from undisclosed European owners.

In March Hanjin secured its first ever VLCC newbuilding contract when Navig8 contracted two large crude carriers at the shipbuilder. Deliveries are due in 2015 and 2016.