Harim Group & JKL Consortium has been selected as the preferred bidder for Pan Ocean’s fleet.

The consortium, made up by poultry processor Harim and Korean private equity group JKL Partners, is expected to pay up to US$968 million for the acquisition.

The South Korean shipping company said in a filling to Singapore stock exchange that the bidder was selected as the result of the bidding which was closed on 16 December, 2014.

South Korea-based bulk carrier, formerly STX Pan Ocean, was put up for auction in mid-October.

Pan Ocean entered court receivership in June last year, for the second time in two decades, after its parent company STX Group failed to sell the unit due to an ongoing downturn in the industry.

However, based on the latest performance figures, Pan Ocean seems to be on the right track of recovery due to a changeover to lower cost structure and implementation of rehabilitation plan through the on-going rehabilitation procedure.

The company recorded a US$191 million profit for third quarter of the year, compared to a loss of US$533.92 million in the same period in 2013.

The company’s revenue amounted to US$370.7 million, whereas the operating profit was increased from a deficit of US$147.6 million, to US$38.7 million.