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PanOcean Q2 net sinks on freight rates drop

Industry 17:17 August 13, 2019

SEOUL, Aug. 13 (Yonhap) -- PanOcean Co., a major bulk carrier in South Korea, said Tuesday that its second-quarter net profit dropped slightly from a year earlier due to decreased freight rates.

Net profit for the April-June period reached 36.9 billion won (US$30 million), down 1.1 percent from a year ago, the company said in a regulatory filing.

Operating income inched up 0.8 percent on-year to 50.5 billion won, while sales fell 6.8 percent on-year to 632.3 billion won in the second quarter.

PanOcean said a drop in the Baltic Dry Index (BDI), a measure of shipping costs for commodities, led to a decline in sales in the second quarter, while the ongoing U.S.-China trade war also reduced demand for shipping.

In the first six months, PanOcean logged a net profit of 65 billion won, down 13.4 percent from a year ago. Sales slid 6.4 percent on-year to 1.1 trillion won, but operating profit advanced 1.4 percent on-year to 95.4 billion won.

kdon@yna.co.kr
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