Hanjin Shipping has reported that its container operations lost USD487 million last year as low rates and high fuel prices offset higher volume. The South Korean carrier is the first in a series of container lines expected to report heavy losses in the coming weeks. Hanjin said it expects overcapacity created by deliveries of large new container ships to continue this year but the company said it “believes the market will gradually grow stable due to shipping carriers’ efforts to improve profitability.