Restructured Korean shipowner Pan Ocean has posted another strong quarterly profit ahead of an auction for its shares. Pan Ocean, bulker owner said it made $191.1m on a net basis in the three months ended 30 September. Pan Ocean put the improvement down to a lower cost structure and the performance of its rehabilitation plan. Pan Ocean was formerly owned by the troubled STX Group and filed for court receivership last June. Pan Ocean sealed its rebirth last November with a huge $1.17bn debt-for-equity swap that saw lenders take over the company.
Pan Ocean has now put itself up for sale at auction next month.
Pan Ocean has fleet of 90 vessels, including an LNG carrier, two heavy deck cargo ships, a range of bulkers including 7 massive Valemax ore carriers and 14 products tankers. Pan Ocean has 4 bulkers on order for delivery in 2016.
Dry Bulk Shipping News - Shipbroker Notes