The sale includes the management right for business structure reform, Pan Ocean disclosed to the Singapore Exchange in response to “rumour in the market”.
“The company had nominated Hankuk Steel Wire Co as the preferred bidder as of 19 February 2014 and is currently discussing on the details of the share purchase agreement with Hankuk,” it said.
In 2011, the former STX Pan Ocean had ventured into ship financing by buying 84.4% of Heungkuk at a price of around $30.5m.
Last year, the shipowner recorded a massive full year loss of $1.77bn as revenue sank due largely to a smaller fleet size and decreased cargo volumes.
Pan Ocean has undergone a restructuring process that allowed it to reduce its assets and liabilities to continue operating in the difficult conditions of the dry bulk market.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
