Pan Ocean Q1 net profit falls 40%; tonnage oversupply, slow demand expected to continue

Singapore

SOUTH Korean bulk carrier Pan Ocean Co Ltd reported on Monday that its net profit for the first quarter ended March 31, 2016, fell 39.6 per cent to US$61.4 million, from US$101.6 million a year ago.

Following a rehabilitation plan, Pan Ocean recognised the profit for "waiver from debt" due to debt-equity swap. The profits for the waiver fell by US$38 million to US$51 million, from US$89 million a year ago.