Singapore-listed bulker owner Pan Ocean Co., Ltd. has appointed Harim Group’s chairman Kim, Hong Kuk as Chief Executive Officer.
South Korean shipping company signed the investment contract with its preferred bidder Harim Group & JKL Consortium in February.
The consortium, made up by poultry processor Harim and Korean private equity group JKL Partners, assigned USD 968 million for the acquisition of the debt-laden bulk shipping company. The deal provides for Pan Ocean’s recapitalization through sale of equity, thus covering the company’s accumulated debt.
Kim Hong Kuk has been chief executive officer of Harim Corporation since 1990 and Chairman of Harim Group since 2001.
Choo Sung Yob, who was CEO of STX Pan Ocean in 2010, has been appointed as co-CEO of Pan Ocean.
World Maritime News Staff