South Korea's Pan Ocean reported a revenue of approximately KRW1.51 trillion ($1.09 billion) for the first quarter that ended on March 31, 2026. This performance represented growth for the shipping group, which recorded a profit of about KRW141 billion during the three-month period.
The company stated that average freight rates in the shipping sector rose four per cent to $23.61 per revenue tonne during the quarter.
This increase was attributed by the firm to steady cargo volumes of bauxite from Guinea and iron ore from Brazil supporting the Atlantic market.
To modernise its fleet, the group said it is currently engaged in building 16 new vessels consisting of eight tankers and eight bulk carriers.
These ships are expected by the company to be delivered between 2026 and 2030 with the intent to enhance operational efficiency.
Pan Ocean also signed an agreement on February 11 to acquire ten secondhand very large crude carriers from SK Shipping. These vessels are scheduled to join the fleet sequentially during the first half of 2026 to boost crude oil transport capacity.
The Asia region accounted for 66 per cent of total revenue and generated KRW1 trillion during the quarter.
South America followed as the second-largest market and contributed 12 per cent of the total turnover for the period.
Pan Ocean highlighted that revenue from the liquefied natural gas segment expanded following the execution of long-term charter contracts with international energy majors. The group operated the LNG Kolt as part of its gas transport services, which have grown to include 12 vessels.