STX Pan Ocean sinks into the red with full-year loss of $24.3m

STX Pan Ocean Co has reported a net loss of US$19.39 million ($24.3 million) in the fiscal year ended Dec 31, 2011 from a profit of US$69.86 million a year ago.

Revenue fell 7.4% to US$5.18 billion from US$5.59 billion a year ago, due to lower freight shipping rates.

Depreciation and amortisation costs of the group rose by 24% to US$134 million in 2011 from US$108 million in 2010 due to the newly delivered vessels.