STX Pan Ocean emerges as largest profit-maker

Seoul: STX Pan Ocean has emerged as top profit earner in the domestic shipping industry last year, according to the Maeil Business newspaper.
According to industry sources on February 29, STX Pan Ocean Co. posted operating profit of 455.9 billion won ($486 million) in 2007 outperforming its competitors: Korea Line Corporation (330.9 billion won), Hyundai Merchant Marine Co. (314.2 billion won) and Hanjin Shipping Co. (235.9 billion won).
STX Pan Ocean's performance is worthy of close attention considering that the domestic shipping industry is currently led by Hanjin Shipping -- in terms of revenue -- and Hyundai Merchant Marine, STX Pan Ocean and Korea Line Corp. coming in second, third and fourth.
STX Pan Ocean, which is the world's tenth largest bulk shipping company with bulk carriers taking up more than 90 percent of the company's business, saw a whopping 276 percent rise in operating profit last year when Baltic Dry Index (BDI) had exceeded 10,000 and led the bulk carrier market to prosperity.
However, Hanjin Shipping and Hyundai Merchant Marine had a tough time in the container shipping market.
Also in the light of revenue, STX Pan Ocean posted a 175 percent year-on-year increase at 4.8734 trillion won and almost overtook Hyundai Merchant Marine and Hanjin Shipping whose revenues stood at 5.0919 trillion won and 6.9360 trillion won, respectively, last year. [03/03/08]

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