AsiaDry Cargo

Poultry group takes over Pan Ocean

Seoul: A new dawn has crowed for one of South Korea’s largest shipping lines. Pan Ocean has been bought out by a consortium led by local poultry group Harim for a far from paltry $950m. Pan Ocean had been under court rehabilitation, its downfall brought about by losses in other divisions of previous parent, STX Group.

The dual-listed carrier will issue bonds worth nearly Won158bn to the consortium, which will mature in five years with a fixed annual interest rate of 5%. Pan Ocean will also issue 340m shares at Won2,500 per share to the consortium.

Harim will use the 94-strong Pan Ocean fleet to get into the grain trades.

Founded in 1966, Pan Ocean was bought out by STX 11 years ago. It sought court protection from bankruptcy in June 2013.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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