February 7 - Mandatory disclosures of financial results for the fourth quarter of 2016 and the full 2016 financial year on the Singapore Stock Exchange (SGX) indicate that shipping company Pan Ocean finished its 2016 financial year with a net profit of US
This is a 141.9 percent increase from the USD34.09 million net profit in 2015, while the sales revenues remained relatively similar to that of 2015 at USD1.62 billion.
The 2015 net profit figures were affected by Pan Ocean having to repay the liabilities that it had incurred during its two-year rehabilitation process, which it exited in 2015.
Since 2009, Pan Ocean has operated both semi-submersible and geared heavy lift vessels to provide integrated heavy lift transport solutions. It successfully completed long-term contracts for Ichthys Onshore LNG Project and the Panama Canal Expansion Project with the semi-submersible vessels Sun Shine and Sun Rise.