Stock Profit Warning: STX expects weaker profits in 1st quarter!

STX Pan Ocean Co Ltd, the Singapore-listed shipping arm of South Korea's STX Corp, may decline after it said it expects weaker profits in the first quarter ended March 31. "Although vessel charter-in costs were reduced due to lower charter-in hire rates, the impact of the decline in freight rates and increase in bunker prices are expected to be significantly higher, resulting in lower profits," STX Pan Ocean said. STX Pan Ocean was unchanged at 0.845 sgd at the close of trading yesterday.