STX Pan Ocean falls dawn further from last year's deficit

STX Pan Ocean, a Korean carrier, saw net loss and operating loss deepen in 2012 compared with the previous year.

From January to December 2012, the carrier recorded a net loss of KRW 456.6 billion, down sharply at 10 times that of 2011’s loss of KRW 4.4 billion. The company also faced operating loss of KRW 19.64 billion, worsening from a loss of KRW 10.47 billion in 2011.

STX   Pan Ocean saw revenue decline by 2.8% to KRW 491.94 billion, compared with 2011's revenue of KRW 559 billion.

A representative from STX Pan Ocean explained, "The main reasons why the annual financial result deeply plunged were persistently high fuel costs and low freight rates. Also, the global economic conditions continued at depressed levels. This year will also be a challenging year." < 김보람 기자 brkim@ksg.co.kr >