Inventory restoration in the US and Europe helped Hanjin Shipping post an operating profit of US$314 million in the third quarter.

"Despite continued uncertainty in the world economy, we were able to return to the black, compared with the same period last year," said the company.

This was "due to inventory restoration in the US and Europe, increased cargo transport volume during the annual peak season and various cost-cutting measures".

The line added: "However, these gains are merely recovering some of the larger operating losses of 2009."

Hanjin, which operates bulk carriers as well as containerships, said sales in the third quarter had totalled $2.32 billion.

Its container division saw cargo volumes rise 2.5% year-on-year in the quarter to total 977,386teu as a result of cargo volume increases in major trades, while sales increased 18.6% to $1.98 billion.

"Operating profit was up 156.3%, quarter-on-quarter, driven by rate restoration on Asia-Europe and transpacific trade, and peak-season surcharges," added the company.

It said the container division would have to initiate more cost-effective fleet/service operations as the traditional slack season returned in the fourth quarter.