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STX Pan Ocean suffers huge reverse

Seoul: STX Pan Ocean plunged into the red for 2009 as the collapse of the dry bulk market took its toll on its results.
The South Korean shipowner and operator lost $61.6m last year compared to a $494m net profit in 2008. STX Pan Ocean's revenues dropped a huge 60% to $3.6bn last year compared to $9.29bn in 2008.
The company blamed the loss last year on the decrease in cargo volume and freight rates due to recession in the shipping market.  [18/02/10]


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