Pan Ocean posts resilient 2023 results on strong LNG and tanker business; operating profit up 4.4% in International Shipping News 13/02/2026 Pan Ocean’s earnings held up last year as strong performance in non-bulk segments such as LNG and tankers helped offset market volatility in dry bulk cargo and falling container freight rates. Pan Ocean announced on the 11th that, on a consolidated basis, it posted 2023 annual revenue of 5.4329 trillion won and operating profit of 491.9 billion won. Revenue rose 5.3% from a year earlier, while operating profit increased 4.4%. In the fourth quarter, revenue declined but profit grew. Fourth-quarter revenue came to 1.4763 trillion won, down 11.9% year-on-year, while operating profit climbed 18.8% to 130.4 billion won. The company explained that it protected profitability by adjusting its portfolio and fleet operations amid market fluctuations. By business segment in the fourth quarter, operating profit in the core dry bulk division was roughly flat, edging up 0.3% as global uncertainty increased. In contrast, the container segment struggled, with operating profit plunging 45.7% under the impact of lower freight rates. The non-bulk business, which the company has been expanding preemptively, instead drove growth. Non-bulk refers to shipping liquid cargoes, gas and specialized cargoes, rather than dry commodities such as grain and ore. Operating profit in the LNG segment surged 160% year-on-year as newly built vessels were delivered and began generating full-scale earnings. The tanker segment, which transports crude oil, also underpinned profitability, posting an 8.0% increase even though the fleet shrank after the sale of two older vessels, thanks to favorable market conditions. The company also strengthened its shareholder return policy. Pan Ocean has been paying cash dividends in line with its dividend guidelines, and this year it set a consolidated payout ratio of 26.6%, increasing the total dividend payout by 25% from the previous year. At a board meeting held the same day, it fixed the 2025 dividend at 150 won per share and decided to include the proposal in the financial statements agenda for approval at the annual general meeting scheduled for March 27. Investments to enhance fleet competitiveness will proceed in parallel. Pan Ocean plans to build two new vessels to replace aging ships and expand its dry bulk fleet. It also intends to acquire 10 additional secondhand Very Large Crude Oil Carriers (VLCCs) from SK Shipping under long-term cargo transport contracts, in a bid to strengthen its competitiveness in the crude oil shipping market. The company described this as a large-scale investment aimed at boosting profitability by reinforcing its core businesses while establishing a stable business portfolio. A Pan Ocean official said, “Despite ongoing external uncertainties, we focused on building a stable business portfolio and securing an earnings base, which enabled us to deliver results in line with market expectations,” adding, “By expanding our business portfolio and pursuing active Environmental, Social, and Governance (ESG) Management, we will solidify our status as a sustainable company.” Source: Maeil Business Newpaper (MK) 2026-02-13 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.pa