It recorded a restructuring gain of US$83 million in FY16, reversing from a loss of US$115 million in FY15.
Sales for the 12 months ended Dec inched up 0.7% to US$1.62 billion while costs of sales was increased 4.9% to US$1.4 billion.
Pan Ocean said it expects a revival in the dry bulk market as more bulk carriers are projected to be phased out by demolition this year. This comes even as China continues to evolve from an industrial economy to a services economy and demand for dry bulk drops.
Shares of Pan Ocean last traded at $7.14.
