From the Traffic World website:

“Hanjin today announced net profits in 2008 more than doubled from the previous year to 321.4 billion won [$230 million] from $108 million despite a 39-percent drop in fourth-quarter earnings on slumping freight rates. While bulk shipping profits grew, container shipping earnings fell almost 20 percent to $64 million from $79 million in 2007.”

China gets much more favorable and optimistic stories in the news than the US does.  Recently, China’s Federation of Logistics and Purchasing announced the the country’s purchasing managers index (PMI) increased to 45.3 in January, up from 41.2 in December.  That represented a 9.95% increase in the manufacturing sector, although still less than the 50 that is inflection point for expansion and contraction of the sector.  So, north of 50 – expanding, south of 50 – contracting.  If you read the news articles surrounding the release, you notice that they focus on the fact that the number isn’t as bad as December and they talk of the recovery having begun.

This is in stark contrast to the US’s recent release of its PMI numbers – see story below.  The US soundly beat expectations, posted an improvement over December (8.21%) and the media could only focus on the fact that we were contracting and not expanding.  There may still be some pain to endure through this downturn, however, there are some bright spots.  You just have to look very hard in the traditional media to find them.

Keep up the good work China.  You make it and we’ll buy it.

Maersk has continued moving forward on pulling its services from the Port of Charleston.  On Sunday the company announced that its South Atlantic Express service would not call on Charleston after March 3rd.  Instead, the carrier would re-route the service to Savannah, GA and Wilmington, NC.  SPA interim Chief Executive John Hassell remains hopeful that they can salvage the Maersk relationship and said that a new proposal could be in front of the shipping giant by the end of the week.