Pan Ocean continues to improve earnings with $303m Q2 profit

South Korea’s Pan Ocean has continued to improve its financial position as it posted a net profit of $303.42m in the second quarter.

The second quarter profit was a reversal from the loss of $16.72m in the same period of last year, and a significant improvement from a profit of $34.35m in the first quarter of 2014.

Pan Ocean said in a brief statement that the continued profit status from the first quarter this year was a result of the changeover to lower cost structure and performance of rehabilitation plan through the ongoing restructuring process.

Pan Ocean, formerly known as STX Pan Ocean, underwent a debt-to-equity rescue deal involving $1.17bn in unsecured debts. The deal has allowed the shipowner to reduce its assets and liabilities so as to continue its operations.

Last month, Pan Ocean ordered two capesize bulk carriers at a total price of KRW114.88bn ($112.83m), with deliveries scheduled by 30 November 2016.
Source: Seatrade Global