The company said in a regulatory filing on the 4th that its consolidated operating profit for the first quarter totaled 140.9 billion won, up 24.4% from a year earlier on a preliminary basis. Revenue rose 8.3% to 1.5089 trillion won, and net profit increased 31.3% to 94.5 billion won.
By segment, the tanker business reported operating profit of 28.1 billion won, up 41.5% from a year earlier, as market conditions strengthened for medium-range (MR) petrochemical product carriers. The LNG business posted operating profit of 47.2 billion won, up 49.7%, after deliveries were completed for all vessels.
The bulk segment posted operating profit of 54.7 billion won, down 10.3% from the previous quarter, which the company attributed in part to geopolitical risks stemming from the Middle East. The container segment recorded operating profit of 9.0 billion won, down 42.9% from a year earlier, as freight rates fell amid oversupply.
Pan Ocean said profitability improved despite a traditional seasonal slowdown, citing gains from expanding its portfolio, including LNG. The company has been accelerating efforts to diversify beyond its bulk-focused business structure.
To that end, it previously announced plans to invest up to about 1.6 trillion won in non-dry bulk businesses centered on LNG. To fund investment in LNG and other areas outside its core bulk segment, it set capital expenditures at about 816.0 billion won in 2025, about 407.9 billion won in 2026 and about 136.0 billion won in 2027.
A Pan Ocean official said the company will continue efforts to strengthen its ability to respond to market changes and expand its business portfolio to secure competitiveness and stable profitability. The official added that Pan Ocean will also pursue environmental, social and governance (ESG) management to reinforce its standing as a “sustainable company.”
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.