STX Pan Ocean, benefiting from Strong 4Q performance

Benefiting from a robust fourth quarter performance, STX Pan Ocean Co Ltd has managed to close the financial year ended 31 December 2006 with a betterthan-expected set of results.

In the three months ended 31 Dec 2006 , the company reported a sharp 288 percent improvement in net profit to 97 million dollars on a 47 percent increase in sales to 862 million dollars.

This compares to a net profit and sales of 25 million dollars and 588 million dollars in the corresponding period of the previous year.

This impressive improvement in the Group`s fourth quarter of 2006 results was pegged to strong recovery of the Baltic Dry Index (BDI) in the latter part of 2006 which saw the Group enjoying higher freight rates and strong freight volumes in its large bulk and non-dry bulk services.