Skip to main content
KREDKRED
028670KOSPI

Pan Ocean

6,030
-180 (-2.90%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Pan Ocean was established in 1966 as Bumyang Dedicated Vessel Co., Ltd. The company is listed on the KOSPI market and is headquartered in Seoul.

The company provides maritime transport services including bulk and non-bulk shipping such as container, tanker, and LNG transport. It also operates a grain business and ship management services. Its customers include Vale, POSCO, and Korea Gas Corporation.

Business overview as filed

당사는 당사와 연결대상 종속회사에 포함된 회사들을 통해 주력사업인 벌크화물 운송 서비스를 필두로 비벌크화물 운송 서비스(컨테이너화물 운송 서비스, 탱커선 서비스, LNG운송 서비스)까지 다양한 형태의 해상운송사업을 통해 매출 및 수익을 창출하고 있으며, 곡물사업 및 기타사업(선박 관리업 등)을 함께 영위하고 있습니다.

당사의 영업부문은 해운업(벌크, 비벌크[컨테이너, 탱커, LNG])과 곡물사업, 기타(선박관리업 등)으로 구분할 수 있습니다. 당사의 제60기 해운업 운임은 USD 22.73/RT로 전년 동기 대비 약 10% 하락하였으며, 제60기 누계 매출액은 5조 4,329억원으로 각 사업부문별 매출현황은 아래와 같습니다.

당사는 전 세계의 벌크/비벌크화물을 영업 대상으로 하고 있으며, 선적항이 소재하는 국가를 기준으로 크게 6개의 지역으로 구분할 때 2025년 말 지역부문별 매출은 아시아(3,523,072백만원, 64%), 남아메리카(682,455백만원, 13%), 오세아니아(578,037백만원, 11%), 북아메리카 (494,166백만원, 9%), 아프리카(100,114백만원, 2%), 유럽(55,044백만원, 1%) 순으로 발생하고 있습니다.

영업 효율성 강화를 위하여 공시서류 제출일(2026년 3월 19일) 현재 당사는 대형선영업본부, 벌크영업1본부, 벌크영업2본부, 전용선영업본부, 특수선영업본부, 컨테이너선영업본부, LNG사업실, 영업지원실 등 총 6개의 본부와 2개의 실로 영업조직을 구성하고 있으며, 주요 거점별 해외 지사 및 Global 해운중계업체를 통해 화물/선박정보를 획득하여 해상운송을 하고 있습니다.당사의 주요 매출처는 Vale, (주)포스코, 현대글로비스(주), Suzano, 한국남동발전(주), 한국남부발전(주), 한국동서발전(주), 한국중부발전(주), 한국서부발전(주), 한국가스공사 등입니다.

Company overview

가. 연결대상 종속회사 개황* 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭당사는 팬오션 주식회사라 칭하고, 영문으로는 Pan Ocean Co., Ltd. 로 표기합니다.(약호 : 팬오션 또는 Pan Ocean)다. 설립일자 및 존속기간당사는 해상화물운송 등을 사업목적으로 1966년 5월 범양전용선주식회사로 설립되었습니다. 또한 2005년 7월 14일에 싱가포르증권거래소, 2007년 9월 21일에 한국거래소 유가증권시장에 주식을 상장하였고 2022년 3월 21일부로 싱가포르증권거래소 자진 상장 폐지하였습니다.라. 본사의 주소, 전화번호, 홈페이지 주소 - 주소 : 서울특별시 종로구 종로5길 7, Tower8 - 전화번호 : 02-316-5114

- 홈페이지 : http://www.panocean.com마. 중소기업 등 해당 여부

바. 주요사업의 내용

주) 사업 부문별 자세한 사항은 'Ⅱ. 사업의 내용' 참조

사.

아. 신용평가에 관한 사항

2025년 12월 31일 현재 당사의 신용등급은 아래와 같습니다.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.14%
[3.05%, 8.24%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 26.1% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.27
Beta [0.11, 0.44] · KOSPI200 · As of 2026-10-08
Intercept
+0.114%[-0.220%, +0.448%]
R squared
0.08
Observations
252
Trading-time corrected beta
-0.09[-0.40, 0.22]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M18,19318,74023,36226,68424,67924,97246,16164,20343,61051,61254,32961,684
Revenue growth%—3.0124.6714.22-7.511.1984.8539.08-32.0818.355.26—
Operating incomeKRW 100M2,2941,6791,9502,0392,1002,2525,7297,8963,8594,7124,9195,902
Operating income growth%—-26.8016.154.572.987.23154.4037.82-51.1322.114.41—
Net incomeKRW 100M4559711,4131,4861,4779075,4936,7712,4502,6813,0143,386
Net income growth%—113.1645.515.22-0.62-38.59505.4823.26-63.819.4312.41—
Attributable to ownersKRW 100M4559791,4311,5241,5199255,4936,7712,4502,6813,014—
Attributable to minoritiesKRW 100M0-8-18-38-42-1800000—
Operating margin%12.618.968.357.648.519.0212.4112.308.859.139.059.57
Net margin%2.505.186.055.575.993.6311.9010.555.625.205.555.49
ROE%1.893.855.995.765.263.3015.2715.075.204.745.27—
ROA%1.062.243.633.613.321.958.478.973.122.612.782.64
Debt ratio%77.4468.7861.6154.8453.6266.0180.4068.0366.6381.6989.63103.08
Current ratio%125.48109.43112.42103.2395.83109.63118.21149.52135.80158.34135.71106.05
Quick ratio%117.45100.31103.2194.1286.62100.17108.79139.00126.59148.78127.2998.64
Reserve ratio%72.4994.64121.61150.09178.29195.63293.40410.02440.61482.03526.39555.27
Free cash flowKRW 100M2,5061,5161,5511,0261,8781,8094,34010,6614,3742,9124,811—
FCF margin%13.778.096.643.857.617.259.4016.6010.035.648.86—
OCF conversion%670.33258.48185.18180.34274.00518.60139.76208.36306.39252.17233.12—
Capex to revenue%3.015.304.566.208.7911.597.235.377.197.464.08—
Receivable daysdays———4.44.53.32.72.9————
Inventory daysdays—9.78.68.510.610.27.67.811.79.69.0—
Payable daysdays———9.99.99.88.89.2————
Cash conversion cycledays———2.95.23.81.61.5————
EPSKRW—1832682852841731,0281,267458502564—
PERx—21.7619.6615.6016.0029.025.264.528.166.576.83—
BPSKRW—4,7544,4694,9465,4005,2506,7288,4048,81710,57610,70711,826
PBRx—0.841.180.900.840.960.800.680.420.310.360.40
Dividend per shareKRW—————5010015085120150—
Payout ratio%—————28.909.7311.8418.5623.9026.60—

Consolidated basis

Profit flowKRW 100M

Revenue
54,329
Cost of sales
48,196
Gross profit
6,133
Operating income
4,919
SG&A expenses
1,213
Profit before tax
3,182
Non-operating expenses
1,737
Net income
3,014
Income tax expense
168

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
43,14343,30638,94441,19544,54246,59364,88875,48978,539102,715108,537
18,82817,64814,84614,59115,54618,52728,91930,56331,40646,18151,302
24,31425,65924,09826,60428,99528,06735,96844,92647,13456,53457,235

Income statement

20152016201720182019202020212022202320242025
18,19318,74023,36226,68424,67924,97246,16164,20343,61051,61254,329
2,2941,6791,9502,0392,1002,2525,7297,8963,8594,7124,919
4789911,4321,4901,4839205,5046,8802,4852,8213,182
4559711,4131,4861,4779075,4936,7712,4502,6813,014
Basic earnings per shareKRWNot applicableNot applicable2682852841731,0281,267458502564
Diluted earnings per shareKRWNot applicableNot applicableNot applicable2852841731,0281,267458502564
1,7041,758-1,5512,5042,391-7998,1699,5043,0099,8231,342

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement4559711,4131,4861,4779075,4936,7712,4502,6813,014
Total adjustments to operating cash flowcomputed2,5981,5391,2031,1942,5713,7982,1847,3375,0584,0804,012
3,0532,5102,6162,6814,0484,7057,67714,1087,5086,7627,027
-392-924-1,172-1,266-2,130-3,369-3,512-5,774-844-6,604-2,632
-4,171-1,979-1,550-1,491-1,520-1,390-1,580-6,427-4,701-2,067-4,505
Cash at beginning of periodKRW 100M4,0072,7822,4512,0762,0872,5532,3765,2167,4469,5288,658
2,7822,4512,0762,0872,5532,3765,2167,4469,5288,6588,397
Net change in cash and cash equivalentsKRW 100M-1,225-331-37411466-1782,8402,2302,082-869-262

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 60삼정회계법인2025-12-31
2024적정의견Term 59삼정회계법인2025-12-31
2023적정의견Term 58삼정회계법인2025-12-31
2022적정Term 57삼일회계법인2022-12-31
2021적정Term 56삼일회계법인2022-12-31
2020적정Term 55삼일회계법인2022-12-31
2019적정Term 54삼일회계법인2019-12-31
2018적정Term 53삼일회계법인2019-12-31
2017적정Term 52삼일회계법인2019-12-31
2016적정Term 51삼일회계법인2016-12-31
2015적정Term 50삼덕회계법인2016-12-31
2014적정Term 49삼덕회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.44
%
%
Cost of equity6.60%
Weighted average cost of capital6.42%
Initial growth3.9%
Effective tax rate5.3%
Base fiscal year2025
Current priceKRW6,030

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model3,325-44.9%
Dividend discount model DDM3,473-42.4%
Discounted cash flow FCFF27,360+353.7%
Discounted cash flow FCFE39,308+551.9%
Residual income model RIM7,391+22.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.44 × 5.00% = 6.60%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(5.27% × (1 − 26.60%), 0) = 3.87%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 150 × (1 + 2.00%) / (6.60% − 2.00%) = 153 / 0.0460 = 3,325 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 150, g_1 = 3.87%, g_T = 2.00%, r = 6.60%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.87%1560.9381146
23.40%1610.8800142
32.93%1660.8255137
42.47%1700.7744132
52.00%1730.7264126
Terminal value2.00%3,8420.72642,791
Total3,473

P_0 = 3,473 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 10,707 KRW, ROE = 5.27%, payout ratio = 26.60%, r = 6.60%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
110,707564707-1430.9381-134
211,121586734-1480.8800-131
311,550608762-1540.8255-127
411,997632792-1600.7744-124
512,461656823-1660.7264-121
Terminal value-3,6880.7264-2,679

P_0 = 10,707 + -637 + -2,679 = 7,391 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 7,026.5 − 2,215.7 + 2,527.7 × (1 − 5.28%) = 7,205.1 KRW hundred million

Weighted average cost of capital

E = 32,234.5, D = 35,904.1 KRW hundred million; equity weight = 47.31%, debt weight = 52.69%; cost of debt k_d = 6.60%

WACC = 47.31% × 6.60% + 52.69% × 6.60% × (1 − 5.28%) = 6.42%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.87%7,483.60.93977,032.3
23.40%7,738.00.88306,832.8
32.93%7,964.90.82986,609.0
42.47%8,161.30.77976,363.6
52.00%8,324.60.73276,099.5
Terminal value2.00%192,204.60.7327140,829.6
Total173,766.8

Firm value = 173,766.8; less borrowings 35,904.1; plus cash 8,396.7 → 146,259.4 KRW hundred million

P_0 = 146,259.4 KRW hundred million ÷ 534,569,512 (shares) = 27,360 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 7,026.5 − 2,215.7 + 4,264.8 (net borrowing) = 9,075.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.87%9,426.40.93818,842.7
23.40%9,746.80.88008,577.1
32.93%10,032.70.82558,281.9
42.47%10,280.10.77447,960.7
52.00%10,485.70.72647,617.0
Terminal value2.00%232,442.60.7264168,850.5
Total210,129.9

P_0 = 210,129.9 KRW hundred million ÷ 534,569,512 (shares) = 39,308 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list