Pan Ocean disclosed on the 3rd that its operating profit in the third quarter this year was tentatively tallied at 125.2 billion won, down 2.2% from the same period last year.
Revenue in the same period fell 0.6% to 1.2695 trillion won, and net profit was tentatively tallied at 60.7 billion won, down 55.8%.
Pan Ocean said operating profit declined from a year earlier due to intensified U.S.-China trade tensions and increased external uncertainty.
By sector, the dry bulk sector fell 24.5% to 55.1 billion won, containers fell 57.4% to 7.5 billion won, and tankers fell 28.7% to 20.3 billion won.
In contrast, the liquefied natural gas (LNG) business sector logged operating profit of 40.6 billion won, up 383% from a year earlier. The company said the delivery of new LNG carriers had a significant effect.
A Pan Ocean official said, "Despite recent signs of easing in U.S.-China trade tensions, external uncertainties such as economic and geopolitical risks persist, so it is not a situation where we can be optimistic about market conditions."