Pan Ocean's full-year profit more than doubles on debt restructuring

SOUTH Korean bulk carrier Pan Ocean Co on Friday said full-year net profit more than doubled following its debt restructuring plan.

Net profit for the 12 months ended Dec 31, 2016, stood at US$83.7 million, up from US$34.1 million a year ago. Sales inched higher by 0.7 per cent to US$1.62 billion.

With its amended debt rehabilitation plan, the group recognised the profit and loss from debt restructuring including debt-equity swap.

It recorded a restructuring gain of US$83 million in 2016, reversing from a loss of US$115 million in 2015.

It said the dry bulk market is expected to revive itself as more bulkers are projected to be phased out by demolition this year. This comes even amid low demand for raw materials with structural changes in China.