Pan Ocean emerges from debt rehab with a Q1 profit

Net profit for the quarter ended 31 March 2014 came up to $34.35m, reversing from a net loss of $60.44m in the same period of 2013 and a deficit of $1.29bn in the last quarter of 2013.

Revenue, however, dropped 66% year-on-year to $326.73m.

Pan Ocean said the profit was made possible “because the rehabilitation procedure has been going smooth.”

Pan Ocean, formerly known as STX Pan Ocean, underwent a debt-to-equity rescue deal involving $1.17bn in unsecured debts.

The restructuring process has allowed Pan Ocean to significantly reduce its assets and liabilities to continue its operations.