STX Pan Ocean in the black for 4Q 2011

STX Pan Ocean, a Korean carrier, saw net profit and operating profit grow in the 4th quarter of 2011 compared with last year.

From October to December, the carrier gained net profit of KRW 48 billion, soaring 554.9% compared with the 4Q 2010. The company also obtained operating profit of KRW 17.5 billion, increasing 18.5% over the same period of 2010.

In 3Q 2011, the net loss and operating loss recorded KRW 51.1 billion, KRW 39.1 billion each, but the company came back from the red into the black in the next quarter. However STX Pan Ocean saw revenue of KRW 1.5122 trillion, a decrease of 10.8% compared to last year.

STX Pan Ocean's annual result for 2011 was not good as its 4Q result. The company saw its revenue decrease by 11.2% to KRW 5.7422 trillion. The carrier also saw operating profit and net profit go into the red at KRW -23 billion and KRW -22 billion each.

STX Pan Ocean explained the reason for the slump as over capacity, high bunker prices and global economic depression. Not only did bunker prices soar by about 40%, but also BDI plunged 44% compared with 2010.

A representative from STX Pan Ocean said, "In the beginning of this year, the weather and traditional slow season badly affected the shipping industry. However, steps to stimulate the economy will be forced in major nations so the industry will log gradual growth in 2Q this year." < 김보람 기자 brkim@ksg.co.kr >