Pan Ocean surpassed its full-year performance from last year in just the first three quarters of this year. As profitability improved in its core bulk shipping business, the tanker and container ship segments also grew steadily, pushing operating profit for the third quarter to a four-year high.
On the 2nd, Pan Ocean provisionally disclosed that it recorded revenue of 2.0973 trillion won and an operating profit of 197.4 billion won for the third quarter of this year on a consolidated basis. These figures represent increases of 65.2% and 57.7%, respectively, compared to the same period last year. Compared to the previous quarter, revenue rose by 9.6% and operating profit increased by 1.9%.
Cumulative revenue for the first three quarters of this year totaled 5.5199 trillion won, with an operating profit of 532 billion won. This is already 1.6% higher in revenue and 8.1% higher in operating profit compared to last year's full-year results.
By segment, the core dry bulk division recorded an operating profit of 100.6 billion won, up 82.6% from the same period last year. This was driven by a reduction in vessel supply due to typhoons and transit restrictions at the Suez and Panama Canals, combined with increased cargo volumes for steel exports and coal.
The tanker division's operating profit reached 34.8 billion won, a 71.4% increase from the same period last year. The delivery of very large crude carriers (VLCCs) deployed under long-term contracts with SK Energy and improved market conditions for medium-range product tankers (MR) supported the results.
The container ship segment recorded an operating profit of 17.5 billion won, up 134.8% from the same period last year. This was influenced by rising freight rates starting in August, as vessel supply decreased due to port congestion at Shanghai and Ningbo while cargo volumes increased ahead of China's National Day holiday.
The LNG division recorded an operating profit of 43.6 billion won, a 7.6% increase from the same period last year, based on long-term transportation contracts.
A Pan Ocean official stated, "We will continue to enhance our responsiveness to market changes by expanding our business portfolio and strengthening the competitiveness of our fleet and the foundation for ESG (environmental, social, and governance) management to ensure stable profitability." The official added, "We will continuously raise corporate valuation through investments for future growth and proactive shareholder returns."
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