Pan Ocean Up for Grabs

South Korea-based bulk shipper Pan Ocean Co Ltd, formerly STX Pan Ocean, has been put up for auction, Reuters reports citing a sales notice from October 1st.

According to the sales notice, potential bidders will conduct due diligence during Nov 10-28, with binding bids due on Dec 11.

It is expected for the bid to range from USD 570 to 660 million, according to unnamed investment banking sources of the Korea Economic Daily.

Pan Ocean entered court receivership in June last year,  for the second time in two decades, after its parent company STX Group failed to sell the unit due to an ongoing downturn in the industry.

Pan Ocean managed to recover from the last year’s loss of 93.8 billion won this year recording  an operating profit of 115.3 billion won in the first year half.