Pan Ocean Buying Two Tankers

Illustration; Image Courtesy: Pan Ocean

South Korean dry bulk shipping company Pan Ocean has reached an agreement to purchase two tankers from its subsidiary, Pan Ocean Singapore Bulk Carrier.

The vessels in question would be acquired for a price of USD 21.25 million, according to the company’s stock exchange release.

Scheduled to be finalized during the fourth quarter of 2017, the transaction was decided on in order to improve Pan Ocean’s profitability and efficiency, the company said.

During the first half of 2017, Pan Ocean saw its gross profit rise by 12.1 percent to USD 105.6 million, compared to a gross profit of USD 94.2 million reported in the same period a year earlier. For the six months ended June 30, the company’s operating profit was at USD 78.5 million, rising by 13.7 percent from USD 69 million seen in the previous year.

Similarly, during the second quarter of 2017, Pan Ocean’s gross profit increased by 16 percent to USD 57.5 million from USD 49.5 million seen a year earlier, while its operating profit stood at USD 43.1 million, rising by 17.4 percent from USD 36.7 million reported in the second quarter of 2016.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >