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Pan Ocean profit slides

February 1 - South Korean shipowner Pan Ocean saw a 79.27 percent year-on-year decrease in its net profit for the fourth quarter of 2015.

The restructured line, which was purchased by Harim Group last year after becoming bankrupt in 2013, posted a net income of USD50.2 million in the fourth quarter of 2015, compared with USD242.3 million in 2014.

Cumulatively, Pan Ocean recorded a 94.32 percent year-on-year decrease in its full-year profit in 2015, at USD43.8 million.

Despite the sharp drop in profit, revenue for the fourth quarter of 2015 stood at USD424.6 million, which Pan Ocean says is a 3.36 percent increase over the same period in 2014. Full-year revenue also increased by 5.1 percent year-on-year. 

The South Korean company also posted a slight increase in profit compared with the third quarter, with an 18.8 percent rise in the fourth quarter of 2015.

www.panocean.com

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