Open World Conference of Workers

In Defense of Trade Union Independence & Democratic Rights

Shipping Industry Profits

Leaflet produced by the SF Bay Area Portworkers Solidarity Committee

American Shipper Reports: Container Lines to tripple profits this year to $1.9 billion.

Hanjin will report higher profits, MOL, NYK reported record profits for the fiscal year ended March 2001.

NOL operating profit was $79million in 2001 - $349million in 2000. APL (subsidiary of NOL), cut costs by 6% ad increased productivity by 17% in 2001.

Cosco Pacific LTD (Hong Kong), subsidiary of China Ocean Shipping Co. had an increase in net profit of $154million for 2001.

A.P. Moller (owner of Maersk-Sealand) reported $684million profit in 2001 - an increase of 3.4% over 2000.

Hapag-Lloyd Container Line increased its profit $164 million - up by 17% over 2000. Container volume up 8% to 1.7 million TEUs with no increase in staff. Hapag-Lloyd includes cruise ships, liner shipping, forwarding and logistics. Hapag-Lloyd Group operating profit after interest rose by 20% to $265million in 2001. The Group's net profit rose 27% to $204 million. 61% of Group sales were from shipping.

OOCL (Orient Overseas) had after-tax profit of $60 million for 2001 - after gaining $112million in 2000.

CSX reported first quarter 2002 profit up %25 over 2000. For the full year 2000, net income was $293million- was $186million in 2000.

Matson Co. (part of Alexander & Baldwin) reported first quarter 2002 profit of $2.5million - $20million in 2001.

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