August 19 - South Korean shipping company, Pan Ocean has reversed the loss it recorded in the first half of 2015, turning in a profit for the same period of this year.
For the second quarter ended June 30 2016, Pan Ocean achieved sales of USD759 million, a increase of 2.2 percent compared to the same period of 2015.
Cost of sales during the second quarter increased by 7.4 percent or USD46 million from USD618 million in the second quarter of 2015 to USD664 million for the second quarter of 2016.
Profit for the period, which had recorded a loss of USD55 million in 2015, turned positive to record USD84 million in the second quarter of 2016.
The South Korean shipowner has exited a two-year long debt rehabilitation process after it entered into receivership in June 2013.
On the 2016 outlook, Pan Ocean said the chronic oversupply of tonnages and slow demand would set further scrapping of tonnages which could relieve current supply and demand imbalance, and possibly improve the market with any seasonal implication such as the grain season of the northern hemisphere nations.