SINGAPORE (March 31): Pan Ocean Co., the South Korean bulk carrier group, said FY16 earnings more than doubled to US$83.7 million ($117 million) following a restructuring of its debt.
With an amended debt rehabilitation plan, the group recognised the profit and loss from debt restructuring including debt-equity swap.
It recorded a restructuring gain of US$83 million in FY16, reversing from a loss of US$115 million in FY15.
Sales for the 12 months ended Dec inched up 0.7% to US$1.62 billion while costs of sales was increased 4.9% to US$1.4 billion.
Pan Ocean said it expects a revival in the dry bulk market as more bulk carriers are projected to be phased out by demolition this year. This comes even as China continues to evolve from an industrial economy to a services economy and demand for dry bulk drops.
Shares of Pan Ocean last traded at $7.14.
