Pan Ocean looks to have escaped the worst of the collapse in dry cargo rates in the second quarter with only a modest year-on-year drop in net profit.
The South Korean shipowner said net income for the three month period was down just 1.1% to KRW 36.9bn ($30m), according to a regulatory filing.
However, the Seoul-based company said sales fell by almost 7% to KRW 632.3bn on the back of the drop in the Baltic Dry Index (BDI).
The BDI averaged 995 points during the second quarter of 2019 against the 1,260 points seen 12 months earlier.
Pan Ocean added that the ongoing US-China trade war also reduced demand for shipping, but did not provide specifics.
For the first half of the year, Pan Ocean reported a net profit of KRW 65bn, down 13.4% on a year ago. Sales were down 6.4% to KRW 1.1 trillion.
