Pan Ocean announced on July 31 that its sales for the first half of this year increased by 21.6% year-on-year to 2.6871 trillion won, while operating profit rose by 1.3% to 236.3 billion won.

Quarterly, second-quarter sales increased by 4.9% year-on-year to 1.2936 trillion won, while operating profit decreased by 9% to 123 billion won.

Looking at the second-quarter performance by business segment, the dry bulk sector recorded an operating profit of 53 billion won, down 37.9% year-on-year due to factors such as the decline in the Baltic Dry Index (BDI). The tanker sector also maintained profitability with an operating profit of 16.4 billion won, despite a 57.1% decrease from the same period last year due to poor market conditions. In contrast, the container ship sector recorded an operating profit of 15.3 billion won, up 104.6% from the same period, due to the effect of increased freight rates. The liquefied natural gas (LNG) business sector saw a surge of 494.4% year-on-year to 37.2 billion won, driving this performance improvement as the number of owned vessels increased from just 3 in the same period last year to 11.

Despite the continuing uncertain shipping market conditions, Pan Ocean transported over 25 million tons of cargo in the second quarter, following the first quarter, and was able to increase operating profit by about 8.6% compared to the previous quarter through strengthened operational activities. As of the end of the second quarter, Pan Ocean’s operating fleet stands at 266 vessels.

A Pan Ocean representative stated, “Even amid ongoing external uncertainties such as strengthened global trade protectionism and geopolitical risks, we are leading profitability improvement through efficient fleet operation and proactive response to market changes.” He added, “We will further solidify our position as a global leading shipping and logistics company through diversification of our business portfolio, strengthening fleet competitiveness, and practicing Environmental, Social, and Governance (ESG) management.”
Source: Business Korea