SEOUL, Nov. 12 (Yonhap) -- PanOcean Co., a major bulk carrier in South Korea, said Tuesday that its third-quarter net profit increased 25.4 percent from a year earlier due to a rise in freight rates.
Net profit for the July-September period reached 54.8 billion won (US$47 million), compared with a profit of 42.9 billion won a year ago, according to the company
Operating income rose 10.2 percent on-year to 63.4 billion won, but sales fell 11.6 percent on-year to 682.2 billion won in the third quarter.
PanOcean said a rise in the Baltic Dry Index (BDI), a measure of shipping costs for commodities, helped lift its third quarter bottom line. The average BDI in the third quarter was 2,030 points, up 26 percent from a year earlier.
The company said 30 vessels are currently under consecutive voyage charter (CVC) contracts with customers, including Vale and POSCO. PanOcean added it plans to operate additional 17 vessels for shipping service from the fourth quarter of the year.
Shares in PanOcean rose 0.56 percent to 4,505 won on the Seoul bourse. Its earnings results were released before the market closed.
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