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Pan Ocean makes first half profit of $84.2m

Pan Ocean makes first half profit of $84.2m
The once-embattled Pan Ocean has continued to build up its earnings with a profit in the first half of 2016, reversing from the loss in the same period of last year.

In the six months ended 30 June 2016, Pan Ocean posted a profit of $84.21m, as against the loss of $55.44m in the previous corresponding period.

First half revenue inched up by 2.2% year-on-year to $758.51m.

The South Korean shipowner has exited a two-year long debt rehabilitation process after it entered into receivership in June 2013.

On the 2016 outlook, Pan Ocean said the chronic oversupply of tonnages and slow demand would set further scrapping of tonnages which could relieve current supply and demand imbalance, and possibly improve the market with any seasonal implication such as the grain season of the northern hemisphere nations.