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Pan Ocean to invest 157.4b won in 4 medium-range tankers

MAINBOARD-LISTED Pan Ocean Co is investing 157.4 billion won (S$0.18 billion) in a shipbuilding contract for four medium-range tankers, the company announced in a bourse filing on Thursday. 

The investment, which represents 5.92 per cent of Pan Ocean's 2.7 trillion won equity capital, is intended to strengthen the competitiveness of the company's fleet. The first vessel is expected to be delivered on June 30, 2021, albeit subject to the shipbuilding process. 

For Q3 ended September, Pan Ocean recorded a 17 per cent fall in sales to US$573 million, while earnings grew 36.7 per cent to US$45 million. The company had US$217 million in cash and US$990 million in borrowings as at end-September. 

Shares of Pan Ocean traded at S$5.00 at 4.39pm, after the trading halt was lifted following the announcement.

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