PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
STX Green Logis expanded rapidly by acquiring a bulk shipping subsidiary after its spin-off, but both operating and net profit swung to losses in fiscal 2025, and in 2026 the company is restructuring its balance sheet amid a subsidiary divestiture and repeated convertible bond issuances.
2025 revenue rose sharply to KRW 191.3bn year over year, but operating profit swung to a loss of KRW 12.47bn and net profit to a loss of KRW 37.3bn on an owner basis.
Quarterly revenue in H1 2026 (KRW 15.93bn in Q1, KRW 14.83bn in Q2) fell sharply versus H2 2025 (KRW 49.85bn in Q3, KRW 50.08bn in Q4).
In May 2026, STX Green Logis pursued a sale of its 95.24% stake in bulk-shipping subsidiary STX Sun Ace Shipping, with Samjong KPMG serving as sell-side advisor.
Three rounds of convertible bond issuance have raised a cumulative face value of KRW 36bn, with the latest tranche carrying a potential dilution ratio of up to 17.99%.
Total equity shrank from KRW 75.47bn in 2024 to KRW 30.08bn in 2025, pushing the debt-to-equity ratio up from 216.7% to 427.8%.
STX Green Logis was established in September 2023 through a spin-off from STX and relisted on the KOSPI the same month as a shipping and logistics company.
Its core businesses are ocean shipping and ship management, which fall under a category of national infrastructure industry given their role in transporting raw materials and import/export cargo.
From its early days the company expanded its own fleet, including a capesize bulk carrier, and in August 2024 its subsidiary STX Shipping acquired a 95.24% stake in STX Sun Ace Shipping, a mid-sized bulk carrier with more than 30 years of operating history, for roughly KRW 28.0bn.
STX Sun Ace Shipping transports bulk cargo such as steel and coal across Asia under long-term contracts of affreightment (COA) with major domestic conglomerates, and the group subsequently folded in ship-management firm STX Ocean Service and aluminum-recycling company STX Eco to become a comprehensive carrier spanning small to large vessels.
However, as shipping market conditions deteriorated and financial strain built up, STX Green Logis initiated a process in May 2026 to sell its stake in STX Sun Ace Shipping back out, with Samjong KPMG acting as sell-side advisor collecting letters of intent.
Competitively, STX Green Logis is a smaller player relative to large bulk carriers such as Pan Ocean and Korea Line, and it positions long-term cargo relationships and fleet diversification as its differentiators.
On the ownership side, largest shareholder APC Mercury holds a stake in the company, and management has also brought in executives with refining and chemical industry backgrounds as part of an organizational overhaul.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩43.6B | -₩5B | −11.6% |
| 2025Q3 | ₩49.8B | -₩7B | −14.1% |
| 2025Q4 | ₩50.1B | ₩47,900,964 | 0.1% |
| 2026Q1 | ₩15.9B | -₩1.4B | −8.6% |
| 2026Q2 | ₩14.8B | -₩100M | −0.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩28.3B | ₩1.8B | ₩1.4B | 6.5% | 4.7% | 142.9% |
| 2024 | ₩70.5B | ₩7.2B | ₩25.6B | 10.1% | 33.9% | 216.7% |
| 2025 | ₩191.4B | -₩12.5B | -₩37.3B | −6.5% | −159.0% | 427.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated 2025 revenue reached KRW 191.38bn, up sharply from KRW 70.54bn in 2024, but operating profit swung from a KRW 7.16bn gain in 2024 to a KRW 12.47bn loss in 2025, with operating margin deteriorating from 10.1% to -6.5%.
Owner-basis net profit also flipped from a KRW 25.56bn gain in 2024 to a KRW 37.30bn loss in 2025, a broad-based deterioration in profitability.
On a quarterly basis, losses widened from Q2 2025 (revenue KRW 43.58bn, operating loss KRW 5.04bn) to Q3 2025 (revenue KRW 49.85bn, operating loss KRW 7.01bn), before narrowing to near breakeven in Q4 2025 with revenue of KRW 50.08bn and a marginal operating profit of KRW 48 million.
Entering 2026, however, Q1 revenue plunged to KRW 15.93bn, less than a third of the prior quarter, with an operating loss of KRW 1.38bn, while Q2 2026 revenue of KRW 14.83bn came with a narrower operating loss of KRW 104 million.
The sharp contraction in revenue scale versus H2 2025 coincides with the ongoing business restructuring, including the divestiture process for STX Sun Ace Shipping.
On the balance sheet, total equity fell from KRW 75.47bn in 2024 to KRW 30.08bn in 2025, split between an owner-attributable portion of KRW 23.45bn and a non-controlling interest of KRW 6.63bn.
Operating cash flow remained positive at KRW 16.54bn in 2025 but declined from KRW 24.06bn in 2024, while a large outflow in financing activities points to pressure related to convertible bond repayment and interest costs.
Compared with the 2023 scale of KRW 28.31bn in revenue, KRW 1.85bn in operating profit and KRW 1.44bn in net profit, the company has expanded its top line rapidly in a short period, but whether that expansion can be sustained profitably remains unproven.
The bulk shipping industry is highly sensitive to demand for raw material transport, such as steel, coal and grain, and to the global economic cycle, with freight indicators like the Baltic Dry Index driving significant earnings volatility.
In recent periods, recurring geopolitical tension in the Middle East, including concerns over a potential blockade of the Strait of Hormuz, has repeatedly affected shipping-related equities and cargo supply-demand conditions.
During episodes of renewed US-Iran tension, shipping, oil and defense-related stocks have moved together as thematic flows, a pattern that has recurred multiple times.
Competitively, STX Green Logis and its (formerly consolidated, now divestiture-target) subsidiary STX Sun Ace Shipping are smaller players relative to large domestic bulk carriers such as Pan Ocean and Korea Line, with a stable customer base built on long-term contracts of affreightment cited as a relative strength.
At the same time, tightening carbon emission regulations from the International Maritime Organization are increasing pressure across the industry to transition to eco-friendly vessels, which can weigh on smaller operators carrying older fleets in terms of investment burden.
The domestic bulk shipping market continues to be dominated by large incumbents, while mid-sized and smaller players are observed oscillating between scaling up through M&A and raising liquidity through divestitures.
The most important item to watch is whether and on what terms the sale of STX Sun Ace Shipping, which has been under way since May 2026, is completed.
Reports have put the sale price at around KRW 40.0bn, with letters of intent reportedly collected through May 28, though the final deal outcome and timing have not yet been confirmed.
The company has described the divestiture as a move to shed losses stemming from a weaker shipping market and to raise liquidity in order to normalize its operations.
At the same time, the company has raised funds through three rounds of convertible bond issuance since October 2024, with conversion and put-option windows for each tranche arriving in sequence, making it necessary to keep tracking future changes in share count and capital structure.
In addition, the company has repeatedly filed disclosures related to guarantees and collateral provided for affiliates, along with several lawsuit-related filings, meaning that managing contingent liabilities and restoring disclosure credibility will likely be key to any operational normalization going forward.
While the fiscal 2025 audit report carried an unqualified opinion, it flagged the fact of revenue recognition and the appropriateness of purchase price allocation for the STX Sun Ace Shipping acquisition as key audit matters, so follow-up disclosure on accounting transparency also warrants attention.
Taken together, the company's path forward will likely hinge on how three threads play out: completion of the subsidiary sale, cash flows tied to the convertible bonds, and management of affiliate-related risk.
The company swung to both an operating loss and a net loss in 2025, sharply eroding total equity, and while the size of losses narrowed in H1 2026, revenue itself contracted sharply over the same period.
Given this earnings trajectory, assessing the market capitalization and share price level requires weighing both the direction of the profit trend and the extent of the equity reduction together.
In terms of the relationship between share price and net assets, the substantial recent decline in total equity means the relative positioning of price to book value may have shifted versus history, and this is best confirmed in real time through the price-to-book ratio shown on screen.
On dividends, the company does not appear to have paid a per-share cash dividend in the most recent fiscal year, which suggests a different capital allocation approach than larger dividend-paying shipping peers in the sector.
Because earnings themselves remain in loss territory, profit-based valuation metrics have limited interpretive value, and it is worth tracking how the subsidiary divestiture and convertible-bond-related capital changes will affect the net asset structure going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Operating losses narrowed from KRW 7.01bn in Q3 2025 to near breakeven in Q4 2025, and continued to shrink to KRW 1.38bn in Q1 2026 and KRW 104 million in Q2 2026. The fact that losses narrowed even as revenue contracted could reflect cost restructuring or business realignment.
Whether this trend represents a durable improvement or a temporary factor will need confirmation over additional quarters.
Since its founding, the company has quickly built a fleet spanning small to large vessels, including a capesize bulk carrier. Revenue stability secured through long-term contracts of affreightment has been cited as a factor that partially buffers the inherent volatility of the bulk shipping business.
Once the divestiture process concludes, this fleet operating experience could still be applied to whatever business structure remains.
The company has stated its goal of securing liquidity and normalizing its financial structure through the sale of STX Sun Ace Shipping. If the transaction closes near the reported price range of around KRW 40.0bn, it could help bolster capital and improve the debt ratio. However, whether the deal closes and on what final terms remain to be confirmed.
2025 operating profit swung to a loss of KRW 12.47bn and owner-basis net profit to a loss of KRW 37.30bn, completely reversing the profitable trend of 2024. The fact that profit did not track revenue growth suggests cost pressures or one-off factors may have weighed on profitability. This profit swing serves as an important benchmark for gauging the pace of any future recovery.
The company has issued convertible bonds in three rounds since October 2024, with a cumulative face value of KRW 36.0bn and a potential dilution ratio of up to 17.99% on the latest tranche.
Because the stated use of proceeds for some tranches is listed as general operating funds, it will be necessary to continue verifying what results the raised capital actually produces. If conversion requests are exercised going forward, the resulting increase in share count could create a dilution effect.
Revenue in Q1 and Q2 2026 came in at KRW 15.93bn and KRW 14.83bn respectively, less than a third of the roughly KRW 50bn quarterly revenue seen in H2 2025.
This appears tied to the ongoing business restructuring, including the divestiture process for STX Sun Ace Shipping, and the company's underlying revenue base could change materially depending on how that sale is ultimately structured. Until the business structure is finalized, it remains difficult to project the future revenue trajectory.
Total equity plunged from KRW 75.47bn to KRW 30.08bn in 2025, pushing the debt-to-equity ratio up from 216.7% to 427.8%. Financing cash flow also recorded a large outflow, pointing to funding pressure related to convertible bond repayment and interest costs. If the subsidiary sale is delayed or its terms turn unfavorable, the liquidity plan could be disrupted.
The company has repeatedly filed and amended disclosures related to guarantees and collateral provided for affiliates, and in May 2026 there was a disclosure related to being designated as a company with unfaithful disclosure.
Lawsuit-related filings have also occurred on multiple occasions, including one on August 27, 2026. This disclosure history is a factor that warrants ongoing verification in terms of timeliness and accuracy of information.
The bulk shipping market is heavily influenced by raw material demand, the global economic cycle and freight rate fluctuations.
Recent geopolitical tension in the Middle East and concerns over a potential blockade of the Strait of Hormuz have repeatedly affected supply and demand for shipping stocks, a factor that can amplify volatility in both earnings and share prices in either direction.
For a company smaller in scale than major bulk carriers, the buffer against such market swings may be relatively limited.
As the put-option exercise window for the convertible bonds opens, it will be important to check whether the option is actually exercised and its resulting impact on cash outflow and share count.
Once Q3 2026 results are disclosed, it will be possible to confirm whether the sharp revenue contraction and narrowing operating losses seen in H1 continue, or whether the pattern shifts into a new phase.
Follow-up disclosures on whether the STX Sun Ace Shipping sale is ultimately completed, at what price, and by when should be monitored, as this will materially shape the company's revenue and capital structure.
The progress of disclosures related to guarantees and collateral for affiliates, as well as lawsuit-related filings (including any subsequent amendments), should continue to be monitored.
STX Green Logis grew rapidly in scale after its spin-off by acquiring a bulk shipping company, but its financial structure deteriorated quickly as both operating profit and net profit swung to losses in 2025 and total equity shrank sharply.
In H1 2026, operating losses narrowed, but revenue itself contracted sharply at the same time, and further confirmation is needed on whether this reflects a temporary effect of business restructuring or a more fundamental scale-back.
The key variable is whether and on what terms the sale of STX Sun Ace Shipping, under way since May 2026, is finalized, as this will materially shape the company's liquidity and capital structure.
At the same time, potential equity dilution from repeated convertible bond issuances and governance risks tied to affiliate guarantees and lawsuits also warrant close attention.
The bulk shipping industry tends to be volatile given external variables such as Middle East geopolitical risk, which can directly affect the earnings of a company smaller in scale than its major competitors.
Investors will want to continue monitoring upcoming disclosures on the divestiture outcome, convertible-bond-related cash flows, and quarterly revenue and profit trends to gauge the company's direction going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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