Revenue from Korean shipping fell dramatically last year due to liquidation of the country’s largest sea flag carrier Hanjin Shipping Co., a government data showed.

According to data released by Statistics Korea on Wednesday, sales of Korean maritime carriers last year plunged 17.8 percent to 31.2 trillion won ($28.6 billion) from a year ago. Revenue of ocean-going cargo carriers that contribute more than 90 percent to the sales in shipping industry plummeted 18.8 percent.

Hanjin Shipping went under in the fourth quarter, which explains the sharp fall, said an official at Statistics Korea.

Land shipment carriers reported 4.6 percent year-on-year increase in sales to 62.3 trillion won from a year earlier. Truck and train transportation firms saw their sales rise 6.1 percent and 5.0 percent, respectively. Storage and other transport-related services gained 15.8 percent in sales to 26 trillion won.

Combined sales in the transportation industry rose 0.2 percent to 141.2 trillion won last year.

By Yoon Won-sup and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]