Pan Ocean Co to invest in 204b won in shipbuilding contract for an LNG carrier

MAINBOARD-LISTED Pan Ocean Co is investing 204 billion won (about S$246.5 million) in a shipbuilding contract for a liquefied natural gas (LNG) carrier, the South Korea-incorporated company said in a bourse filing on Thursday afternoon.

The investment, which represents 7.04 per cent of Pan Ocean's 2.9 trillion won equity capital, is intended to expand the company's LNG business.

The vessel is expected to be delivered on April 30, 2023, albeit subject to the shipbuilding schedule.

For the third quarter ended Sept 30, 2020, Pan Ocean posted group net profit of US$35.3 million, a drop of 23.7 per cent from Q3 FY2019.

Sales declined 6.8 per cent to US$533.8 million.

The counter closed unchanged at S$4.29 on Thursday with no trades.