STX Pan Ocean Co Ltd on Monday announced that it has swung into the red for third quarter ended Sept 30, 2011, making losses of US$37.43 million compared to a net profit of US$47.71 million a year ago, The Business Times reports.
Sales decreased by 11.6 per cent to US$1.24 billion from a year ago, mainly due to lower freight rates from the recession of shipping industries.
For the nine months ended Sept 30, 2011, the company made losses of US$65.95 million as compared to profits of US$63.39 million a year ago. Revenue fell by 5.9 per cent to US$3.86 billion from a year ago.
Going forward, the company said, 'Various supporting factors like US Gulf grain season, restocking coal demand for winter and iron ore import to China continue in the market, so we will be able to keep substantial growth by coping with pressure of fleet supply in this year.'
STX also announced the appointment of Mr Dong Moo Choi, independent director of the company as chairman of nominating committee with immediate effect.
Sales decreased by 11.6 per cent to US$1.24 billion from a year ago, mainly due to lower freight rates from the recession of shipping industries.
For the nine months ended Sept 30, 2011, the company made losses of US$65.95 million as compared to profits of US$63.39 million a year ago. Revenue fell by 5.9 per cent to US$3.86 billion from a year ago.
Going forward, the company said, 'Various supporting factors like US Gulf grain season, restocking coal demand for winter and iron ore import to China continue in the market, so we will be able to keep substantial growth by coping with pressure of fleet supply in this year.'
STX also announced the appointment of Mr Dong Moo Choi, independent director of the company as chairman of nominating committee with immediate effect.