Pan Ocean said in a filing on the 11th that last year's operating profit on a consolidation basis was tentatively tallied at 491.9 billion won, up 4.4% from the previous year.
During the same period, revenue rose 5.3% to 5.4329 trillion won, and net profit increased 12.4% to 301.4 billion won.
Pan Ocean's fourth-quarter operating profit last year on a consolidation basis was 130.4 billion won, up 18.8% from a year earlier, while revenue was 1.4763 trillion won, down 11.9%.
Pan Ocean said the container institutional sector saw operating profit fall 45.7% due to lower freight rates, but operating profit in the liquefied natural gas (LNG) institutional sector rose 160% during the same period, improving results.
The core dry bulk business institutional sector maintained operating profit at a level similar to the previous year as volatility expanded amid global uncertainty, and the tanker institutional sector saw operating profit rise 8% on favorable market conditions.
Pan Ocean set a payout ratio of 26.6% on a consolidation basis to enhance shareholder value and increased the dividends aggregates by 25% from the previous year. The 2025 dividend is 150 won per share and will be paid after approval at the regular shareholders meeting on the 27th of next month.
Pan Ocean also said in a filing that it will introduce 10 secondhand very large crude carriers (VLCCs) linked to a long-term cargo transportation contract from SK Shipping for 973.7 billion won.
It also said in a filing that it decided to place a newbuilding order (newly made) for two large bulk carriers for 224.5 billion won.
Pan Ocean said it made large-scale investments not only to strengthen the competitiveness of its core businesses but also to improve profitability by establishing a stable business portfolio structure.
A Pan Ocean official said, "We will continue efforts to secure market competitiveness and stable revenue profitability by strengthening responsiveness to market changes and expanding the business portfolio."