South Korean bulker operator Pan Ocean said on 30 April that its first-quarter 2015 profit surged 208.5% year on year to KRW116.73 billion (USD106 million).
The company, which went into receivership in June 2013 after incurring debts of over USD5 billion, is in the process of being acquired by compatriot poultry processor Harim Group.
A series of debt-to-equity swaps saw Pan Ocean’s main creditor, Korea Development Bank, becoming its main shareholder, while the STX chaebol divested its stake.
Pan Ocean attributed its improved performance to cost management and its ongoing debt rehabilitation, which has included the cancellation of a number of ship orders at STX’s now-defunct yard in Dalian, China.
The Dalian yard was liquidated in March as efforts to find a buyer and work out its debts failed.
The company will unveil more details about its outlook and performance sometime in May.