Pan Ocean has seen its profit for 2016 more than double as its rehabilitation plan seemed to bear fruit.

The South Korean owner reported net earnings of $83m in the 12 months of last year, compared to $34.1m in 2015.

Its sales stood at $1.62bn, a marginal increase of 0.7%, while its operating profit slipped from $196.3m to $144.8m.

Pan Ocean said the group recognized the profit and loss from debt restructuring including a debt-for-equity swap.

The company was taken over by animal-feed producer Harim Group in May 2015, since when it has maintained its core bulker and tanker businesses.

As TradeWinds has reported, Pan Ocean has acquired a pair of former Hanjin Shipping bulkers for $42m in total.

The company has also placed a $210m order at Singapore-listed Yangzijiang Shipbuilding for up to seven open-hatch carriers.

Capesize rates has been on the rise over the past weeks and some owners signed deals at over $20,000 per day.

The Baltic Dry Index (BDI) has exceeded the 1,000 mark once again and sat at 1,324 yesterday.