Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

FFAs depress STX Pan Ocean results

Singapore: Korea's STX Pan Ocean, listed on the Singapore mainboard, posted an 84% fall in net profits to $31m for the first half, compared to $192m in the first six months of 2005, on sales down 13% at $1.32bn. The company blamed 'a challenging business environment beset with low freight rates and rising bunker fuel costs,' adding that a late rally by the BDI (Baltic Dry Index) in June led to unrealised losses of $24m on Forward Freight Agreements. However, corresponding profits of chartered-in operations will be realised in the future and the true effects of the FFA losses will be mitigated somewhat by the fact that STX has successfully managed the upward market trend by increasing its tonnage, says the company.  [10/08/06]

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish