October 12, 2008

STX Pan Ocean aims to overtake Hanjin Shipping

Yonhap reported that South Korea STX Pan Ocean Co expects sales to rise by 43% YoY in 2008 to KRW 8.1 trillion (USD 8.2 billion) due to higher shipping costs of its main bulk shipping business. The revenue target of STX Pan Ocean is comparable with target of KRW 7.5 trillion set by industry leader Hanjin Shipping Co.

An official at STX Pan Ocean said that "This year would be a historic moment for STX Pan Ocean to become the nation's No 1 shipping company.”

Analyst said that Hanjin Shipping, which specializes in container shipping, is struggling with fierce competition from its Chinese rival.

Last year, STX Pan Ocean reported sales of KRW 5.6 trillion lagging behind Hanjin Shipping's KRW 6.9 trillion.