Pan Ocean suffers massive full year loss of $1.77bnPan Ocean suffers massive full year loss of $1.77bn

The shipowner, which has undergone a restructuring process, widened its losses in 2013 from a deficit of $415.7m in 2012.

Pan Ocean also attributed the losses to “marine claim expense and etc” in a mandatory disclosure to the stock exchange as its results had changed by more than 15%.

Revenue dropped 49% year-on-year to $2.45bn as it scaled down its fleet and reduced its cargo volumes.

Pan Ocean recorded an operating loss of $206.71m last year compared to a loss of $187.25m in the previous year.

The company's assets have been reduced to $4.64bn from $6.68bn while liabilities were reduced to $4.41bn from $5.01bn.

Pan Ocean filed for receivership in early June 2013 under the name STX Pan Ocean. Its previous owner STX Group lost control of the shipping firm following a deal with Korean lenders swapping debt for equity in a billion dollar deal.