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February 18, 2010

STX Pan Ocean Reports Loss

South Korean bulk carrier STX Pan Ocean said it has made losses last year on falling trade and freight rates. The company has posted a loss of KRW27.6bn ($24.1m) in 2009, compared to a profit of KRW 535bn ($460m) a year earlier. The carrier's sales dropped 53.1% to KRW3.99tn

By cms admin

South Korean bulk carrier STX Pan Ocean said it has made losses last year on falling trade and freight rates.

The company has posted a loss of KRW27.6bn ($24.1m) in 2009, compared to a profit of KRW 535bn ($460m) a year earlier.

The carrier’s sales dropped 53.1% to KRW3.99tn ($3.4bn) over the year.

The shipper has also reported an operating loss of KRW 82.1bn ($70m) last year, compared to an operating income of KRW674bn ($580m) a year earlier.

In Q4 2009, STX Pan Ocean posted sales of KRW1.09tn ($940m), down 45% from a year earlier.

The company said it would also expand its fleet by adding 17 newly built ships as well as making new investments of more than KRW200bn ($172m) in 2010.

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