Pan Ocean Q1 2026: Revenue KRW 1.5 trillion, Operating Profit KRW 140.9 billion… Freight rate up 4%

Consolidated revenue KRW 1.509 trillion, operating profit KRW 140.9 billion (OP margin 9.3%)
Shipping freight rate USD 23.61/RT, up 4% YoY from 22.73
Segment: Bulk 780bn, Tanker 77.5bn, Container 105.7bn, LNG 105.9bn, Grain 449.2bn
Net income KRW 94.5 billion (EPS 177 won)
Capital adequacy ratio 37%, net debt KRW 3.53 trillion
Vessel investment: 16 newbuilds ($1,089M total) and 10 secondhand VLCCs from SK Shipping
Major shareholder Harim Holdings pledged 39.59% of its 54.72% stake as collateral (risk factor)
Geopolitical risk in Middle East, bunker fuel price surge (IFO 380: $527→$622/MT)
Auditor’s review opinion 'fair', auditor changed to Samil PwC