May 1 - South Korean shipping line Pan Ocean has more than doubled its first quarter 2015 net profit.
Pan Ocean posted a Q1 2015 net profit of USD105.98 million - up by 208.5 percent over the same period of 2014. The line recorded revenues of USD352.74 million - up by 8 percent year-on-year.
Pan Ocean is currently emerging from bankruptcy following its purchase by Harim. HLPFI reported on April 22 that the line intends to raise USD785 million through a new share sale, while reducing payments to its creditors, as part of a major restructuring programme.
HLPFI reported on April 20, that Pan Ocean would issue 757,844 shares on April 29 as part of a debt to equity swap with its creditors.