Pan Ocean Buying Two Tankers

zoomIllustration; Image Courtesy: Pan Ocean South Korean dry bulk shipping company Pan Ocean has reached an agreement to purchase two tankers from its subsidiary, Pan Ocean Singapore Bulk Carrier. The vessels in question would be acquired for a price of USD 21.25 million, according to the companys stock exchange release. Scheduled to be finalized during the fourth quarter of 2017, the transaction was decided on in order to improve Pan Oceans profitability and efficiency, the company said. During the first half of 2017, Pan Ocean saw its gross profit rise by 12.1 percent to USD 105.6 million, compared to a gross profit of USD 94.2 million reported in the same period a year earlier. For the six months ended June 30, the companys operating profit was at USD 78.5 million, rising by 13.7 percent from USD 69 million seen in the previous year. Similarly, during the second quarter of 2017, Pan Oceans gross profit increased by 16 percent to USD 57.5 million from USD 49.5 million seen a year earlier, while its operating profit stood at USD 43.1 million, rising by 17.4 percent from USD 36.7 million reported in the second quarter of 2016. World Maritime News Staff