STX Pan Ocean sank into the red in 2011 dragged down by its container and tanker operations. The Seoul and Singapore-listed shipowner reported a net loss of $19.4m in 2011 compared to a $91.4m profit in the previous year, Seatrade Asia online reports. STX Pan Ocean’s losses mainly stemmed from its container shipping business which sank $46m in the red and it tanker operations which lost $48m. Its core dry bulk business made a $47.9m profit.
Revenues fell 7% year-on-year to $5.2bn which the company blamed on lower freight rates and recession in the shipping industry.
Revenues fell 7% year-on-year to $5.2bn which the company blamed on lower freight rates and recession in the shipping industry.