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HomeMaritime NewsRegionsAsiaTankers and boxes drag STX Pan Ocean into the red

Tankers and boxes drag STX Pan Ocean into the red

Tankers and boxes drag STX Pan Ocean into the red
Seoul: STX Pan Ocean sank into the red in 2011 dragged down by its container and tanker operations. The Seoul and Singapore-listed shipowner reported a net loss of $19.4m in 2011 compared to a $91.4m profit in the previous year.

STX Pan Ocean’s losses mainly stemmed from its container shipping business which sank $46m in the red and it tanker operations which lost $48m. Its core dry bulk business made a $47.9m profit.

Revenues fell 7% year-on-year to $5.2bn which the company blamed on lower freight rates and recession in the shipping industry.

TAGS: dry bulk shipping
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