Friday, February 11, 2011

STX Pan Ocean Rebounds in 2nd Qtr

STX Pan Ocean Rebounds in 2nd Qtr

STX Pan Ocean Co. Korea's leading bulk-shipping line announced a profit in the second quarter rebounding from a year earlier on higher shipping rates.

Net profit reached 503 million won (US$424 000) in the April-June period compared with a loss of 39.4 billion won a year earlier according to the company's regulatory filing.

Sales surged 73% to 1.79 trillion won over the cited period. The shipper also posted an operating income of 43.9 billion won in the second quarter compared with an operating loss of 80 billion won in the same period of 2009.

In a separate filing STX Pan Ocean said it plans to spend 199 billion won to place an order to build three ships for transporting goods and personnel to and from offshore oil platforms as part of an effort to diversify its business portfolio.

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