Korean firm STX Pan Ocean back in the black

South Korean shipping company STX Pan Ocean has returned to the black, reporting a full-year net profit of US$69.9 million last year, against a loss of $62.2 million in 2009, reported the Straits Times.


Sales for the year ended December 31 were up by 53.8 per cent at $5.59 billion.


This was mainly due to a less volatile market compared to the year before, the mainboard-listed company said.


The group's large bulk service, which mainly operates Cape size and Panamax size bulk carriers, contributed $2.37 billion to total sales, an increase of 41 per cent from $1.68 billion previously.


Tramper service sales increased by 72 per cent to $1.76 billion. Revenue from its breakbulk liner service, which operates on relatively designated ocean routes, as compared to tramper service and large bulk service, jumped 92 per cent to $749 million.


In the non-dry bulk service segments, sales from the container service rose from $458 million to $684 million.


Sales from other segments including tanker service and pure car and truck carrier also grew by double digits.


But costs have also risen, with the bunker accounting for the biggest increase in percentage terms, largely due to the increase in fuel price and consumption.


For the year, STX chalked up earnings per share of 34 cents, against a loss of 30 cents previously, while group net asset value per share grew by nine cents to $10.44.
(Source:http://www.cargonewsasia.com)