STX Pan Ocean sees great surplus in 1H 2011

STX Pan Ocean, a Korean carrier, has seen net profit soar in the first half of 2011 compared with last year. From January 1st to 30th June, the company gained KRW 30,828 million, soaring 66% over the same period of 2010.

However, revenue declined to KRW 2,883,032 million, down by 7.4% compared to last year. Operating profit was also down to 10,719 million, or 4.4%.

The company gained its surplus through fleet restructuring; it sold old vessels and bought new ones. The new vessels are fuel-efficient and more profitable.

A representative of STX Pan Ocean said, “The biggest problem in the shipping industry today is the imbalance between supply and demand, but I think the situation will improve while the quantity of scrap records an historical high level this year.” <김보람 기자 brkim@ksg.co.kr>