South Korean dry bulk shipping company Pan Ocean reported a 55.4 percent rise in profit for the third quarter of 2017 when compared to the third quarter of 2016.
The Q3 profit for this year stood at USD 36.9 million against USD 23.7 million reported in Q3, 2016.
For the nine-month period, the profit was down by 23 percent as Pan Ocean earned USD 82.3 million in 2017, down from USD 107.8 million in the nine-month period ending September 2016.
The group recorded operating profit of USD 125 million for the nine-month period, as compared to the operating profit of USD 102 million in the corresponding period of preceding financial year.
The Q3 operating profit came at USD 46 million, up by 40 percent when compared to USD 32.9 million booked in Q3, 2016.
The increase was attributed to demand growth related to iron ore and coal in China driven by the steady development of the country’s economy.