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Pan Ocean builds up profit in Q1

Pan Ocean builds up profit in Q1
South Korea’s Pan Ocean has continued to build up its profit in the first quarter, following a full year profit in 2014 after it completed its restructuring.

Net profit in the first quarter ended 31 March 2015 was $106m, a surge of 208.5% from $34.35m in the same period of last year.

Revenue also rose 8% year-on-year to $352.74m.

Pan Ocean said the continued profit status from financial year 2014 was a result of the changeover to a lower cost structure after the rehabilitation process.

Formerly known as STX Pan Ocean, the dry bulk shipowner went into receivership in June 2013, and went through a restructuring to reduce its assets and liabilities. The restructuring involved a debt-to-equity rescue deal of around $1.17bn in unsecured debts.

In April this year, Singapore-listed Pan Ocean revealed that it will execute another round of debt-to-equity transaction with two groups of unsecured creditors.

Last year, Pan Ocean managed to erased its 2013 loss of $1.76bn by posting a gain of $750.93m.

The recovering Pan Ocean is now set to be owned by Harim Co, a Korean poultry processor, after the latter became the sole bidder for the shipowner with its bid price of approximately KRW1.06trn.