Pan Ocean Q1 Operating Profit Reaches 113.3 Billion Won, Up 15.4% Year-on-Year

Sales Reach 1.3934 Trillion Won, Up 42.8% Year-on-Year
"Strengthening Market Responsiveness Through Portfolio Expansion"

Pan Ocean announced on April 30 that its consolidated provisional results for the first quarter of this year showed sales of 1.3934 trillion won and operating profit of 113.3 billion won.

Pan Ocean CI. Provided by Pan Ocean

Sales rose 42.8% year-on-year, driven by increased transport volume and higher grain sales. Operating profit reached 113.3 billion won, surpassing the market consensus of 104 billion won, thanks to strong performance in the non-dry bulk sector. This represents a 15.4% increase compared to the same period last year.

Compared to the previous quarter, sales declined by 16.8%, but operating profit increased by 3.2%. Despite the traditional seasonal off-peak period and market deterioration due to trade friction between the United States and China, Pan Ocean explained that efforts to expand its business portfolio, such as entering the liquefied natural gas (LNG) business, and to strengthen market responsiveness proved effective.

In the bulk carrier segment, operating profit fell by 10.3% year-on-year to 47.8 billion won due to the market downturn, and in the tanker segment, operating profit decreased by 48% year-on-year to 19.9 billion won. However, the container segment turned to profit compared to the same period last year, achieving an operating profit of 15.8 billion won. The LNG segment also continued to post strong results, with operating profit steadily increasing as newly ordered ships were delivered and deployed under time-charter contracts, according to reports.

A Pan Ocean representative stated, "Despite uncertainties such as global tariff disputes, we cautiously expect that efforts toward economic recovery will lead to increased cargo demand," and added, "We will continue to strengthen our market responsiveness and make investments to secure profitability, such as expanding our business portfolio, thereby solidifying our position as a sustainable company."