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Pan Ocean makes a $751m profit in 2014

Pan Ocean makes a $751m profit in 2014
South Korea’s Pan Ocean has made a profit for its 2014 financial year, reflecting the gains after completing its restructuring process of reducing assets and liabilities.

Net profit for last year was recorded at $750.93m as against a loss of $1.76bn in 2013.

Revenue, however, fell 36.1% year-on-year to $1.56bn due to the scaling down of the company’s fleet and reduction of cargo volume.

Pan Ocean also saw an operating profit of $750.93m compared to an operating loss of $1.76bn in the previous year after it terminated contracts for high cost chartered-in vessels and reduced its cost of sales.

Pan Ocean, formerly known as STX Pan Ocean, underwent a debt-to-equity rescue deal involving $1.17bn in unsecured debts.

Meanwhile, South Korean poultry processor Harim Co is set to become the owner of Pan Ocean as it was the sole bidder for the dry bulk shipowner and operator under the restructuring process.

Harim bid KRW1.06trn ($968m) for Pan Ocean, local media reported earlier.