According to Korean Donga.com, the Chinese shipping industry recently overtook the Korean industry in bulk freight and container freight.

France-based shipping intelligence firm, AXS-Alphaliner, said yesterday, that China Shipping and Cosco ranked 6th and 7th in the world in terms of cargo capacity. They recorded 406,000 TEUs and 390,000 TEUs respectively. China Shipping registered an annual growth of 24.5% and Cosco grew by 10% annually between 2000 and 2006.

Korean shipping companies, in contrast, experienced a drop in profits last year. Hanjin Shipping, for example, posted profits of KRW149.1 billion, a quarter of the profits it recorded in the previous year.