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STX PO records $400m loss in Q3

Author: Posttime:2013-11-15 08:25:10

STX Pan Ocean sank deeper into the red with a massive $399.07m net loss in the third quarter as its revenue was slashed.

The debt-ridden shipping firm's latest third quarter deficit widened from a loss of $88.57m recorded in the same period of last year.
Revenue plunged 80% year-on-year to $237.74m in the period ended 30 September 2013.
Looking forward, STX PO said that pressures on the global shipping market due largely to severe overcapacity is expected to be eased as deliveries of new ships are slowing down.
The company noted that new deliveries during the third quarter were recorded at 12.08m dwt, down 41.4% year-on-year.
“In the near term, it is expected that new deliveries will continue to decrease while preference for fuel efficient vessels will keep providing incentives to scrap aged vessels, and eventually, the fleet growth rate will fall dramatically from 10.4% in 2012 to an estimate of 5.7% in 2013 and 4.6% in 2014,” STX PO said.
STX PO has been under rehabilitation proceedings since 17 june this year upon the decision of Seoul Central District Court.
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