On Thursday the SouthKorean shipowner reported a net profit of $34.3m for the three months ended 31March 2014.
This compares with aloss of $1.3bn in the fourth quarter of last year and $60.4m in thecorresponding period a year ago.
Sales for the quarterwere $326.7m a 29% increase on the preceding quarter, but 66% down on the $974machieved in the first quarter of 2013.
Pan Ocean emergedfrom its court receivership last year, with Korean lenders swapping debt forequity in a $1.17bn deal.
Latelast month it cancelled a contract at STX Dalian for a semi-submersibleheavylift vessel as part of its restructuring.
According to ClarksonsPan Ocean is left with just 14 newbuildings on order including a pair ofcapesizes at Hanjin Heavy Industries.
