Pan Ocean Shipping's First-quarter Net Profit Increased 23% Year-on-year

- May 16, 2018-

Singapore’s listed shipowner Pan Ocean Shipping recently announced its first-quarter results in 2018. The company had a net profit of $34 million in the first quarter of this year, an increase of 23% from $28 million in the same period last year.  weld overlay elbows


Pan Ocean Shipping stated that in the first quarter of 2018, it achieved sales of US$527 million, a year-on-year increase of 16%.


The company stated that the average BDI index for the first quarter of 2018 was 1175, an increase of 24% year-on-year. In addition, the average annual freight rate of BDI increased by 2.6% compared with last year. The company expects that the market will improve during the rest of 2018. weld overlay flange


Benefiting from fleet optimization and improvement of market fundamentals, the financial performance of the bulk market continued to grow. It is reported that in 2018, the total capacity of new ships delivered globally was about 20 million dwt, which was an improvement over the 47.2 million dwt in 2016 and the 38.20 million dwt in 2017.


Therefore, with the adjustment of market supply growth, it is expected that the growth of transport demand in the bulk market will exceed the increase in fleet capacity in 2018. Pan Ocean Shipping added that it is expected that the bulk market revenue will improve in 2018.  pipe spooling