LNG carrier of Pan Ocean. (Photo=Pan Ocean)

 

[Alpha Biz= Reporter Paul Lee] On the 13th, Pan Ocean announced that it recorded sales of 977.5 billion won and an operating profit of 98.2 billion won for the first quarter of this year. Sales decreased by 2.1% compared to the same period last year, while operating profit declined by 12.8%.

Compared to the previous quarter, sales increased by 5.1%, and operating profit surged by 42.9%. The company explained that the bulk carrier sector focused on profitability-driven operations during the off-season, resulting in a 20% increase in operating profit to 533 billion won despite a decrease in cargo volume.

Pan Ocean also stated that the container shipping sector reduced losses through cost savings despite the continued trend of low freight rates. Additionally, the company highlighted ongoing increases in tanker rates and LNG vessel income.

 

 

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