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Pan Ocean

STX Pan Ocean Orders LNG Carrier

STX Pan Ocean has ordered a LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The 153,000 cubic meter vessel will be built at a cost of $215m. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8m on a 20 percent increase in sales to $2.7b. Profits had been driven by a strong growth in its core dry bulk shipping business. (Source: Channel News Asia)


Harim to Expand Pan Ocean with Grain

Firm aims to hike Pan Ocean sales to over 10 trln won in 5-6 years. South Korea's Harim Group aims to grow sales at the country's largest bulk shipper Pan Ocean Co Ltd, which it plans to acquire, seven times to more than 10 trillion won ($8.97 billion) annually within five to six years. The livestock and animal feed group plans to add a grains trading business to shipper Pan Ocean with the aim of building it into it a major dealer in the sector, Harim chairman, Kim Hong-kuk


Panamax Slide Should Continue

Panamax owners are unlikely to experience any relief from the current slide in earnings until March. February load freight rates have fallen further as a result of reduced enquiry, most obviously in the Atlantic, for both grain and mineral Panamax loads. Brokers expect that this situation will continue until South American grain shipments emerge in March. The noticeable absence of Japanese charterers has undermined the already weaker Panamax grain trades in the Far East


STX Pan Ocean Wins $240m Contract

South Korean shipping firm STX Pan Ocean said it has won a shipbuilding contract worth at least $240m. The contract is for the construction of three bulk carriers, which are expected to be delivered in the second half of 2010. Source: Reuters


STX Group Sales Rise

The STX Group said it expects to meet this year's sales target of $24b, thanks to earnings from its affiliates STX Pan Ocean Co. and STX Shipbuilding Co. In the first-half of this year, STX's group-wide sales stood at 13.2 trillion won, up 87 per cent from the same period last year, reports said. Group-wide operating profit in the first half more than doubled to 880 billion won. STX is now in the process of taking over 's Aker Yards after buying a controlling stake in 's biggest shipbuilder


Korean Dry Bulk Carrier Share Plunge Verified

A Singapore stock exhange error was at first suspected as shares in STX Pan Ocean Co. plunged 64%. The Singapore Exchange said there was no trading error behind the recent 64 percent plunge by shares of STX Pan Ocean Co. (STX), South Korea’s biggest dry-bulk carrier, during the final few minutes of trading Saturday, reports Bloomberg. Two lots totaling 300 STX Pan Ocean shares changed hands at S$1.595 apiece at 5:04:25 p.m., according to data compiled by Bloomberg


What Goes Up …

Mdeck View from Monkey Is.jpg

Global credit woes have largely had little affect on the historic shipbuilding orderbook … yet.  According to a Bloomburg report, there are signs that shipbuilding’s bull run may be coming to an end, fueled by the largest credit-market losses ever, which is starting to make attaining credit more difficult and putting in peril a number of shipbuilding orders. According to the Bloomburg report, as much as $14 billion in ship orders is threatened by cancellations and delays


One-Millionth ship Transit Panama Canal

Photo courtesy Panama Canal Authority

Panama Canal Authority (ACP) Operations Executive Vice President Manuel Benítez awarded the vessel Fortune Plum with a plaque on Oct. 14, commemorating the ship as the one-millionth transit through the Panama Canal since its inauguration in 1914. The ceremony, held at the Miraflores Locks, included all Canal staff that worked September 4, the day of the historic transit, and also recognized the ship’s operator STX Pan Ocean.  


Greece's Star Bulk on Ship Buying Spree

Star Bulks Star Thetis: Photo courtesy of Star Bulk

Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million.


STX Pan Ocean CEO Resigns, Group Shipyards to be Sold

STX Pan Ocean Co., the country's leading bulk carrier, said that CEO Kang Duck-soo (who is also chairman of the STX Group) has resigned as the shipper has been under court receivership since June amid a deepening liquidity crisis, reports Yonhap. The cash-strapped STX Group, South Korea's 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.


China Says Indian Ocean Not Backyard of India

Image: US Navy

 The perception that Indian Ocean is India's "backyard" may result in clashes, Chinese military officials and experts have cautioned.    The Indian Ocean cannot be a backyard of India which navies of other countries could not visit


Ocean Safety, Richard Irvin Marine Safety Merger

David Hale (left) and Aidan Morrissey (right) at their new facility

  Ocean Safety has today announced the merger with Richard Irvin Energy Solutions Marine Safety Division and their Aberdeen branch.   This merger follows the 3Si Group’s recent acquisition of both companies, which are set to combine premises in Aberdeen to operate from a single


Oceans Can’t Take Any more: Researchers Fear Fundamental Change

To date, the oceans have essentially been the planet’s refrigerator and carbon dioxide storage locker.

  Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely irreversible impacts on marine ecosystems, which would especially be felt in developing countries


New Binding Law of The Sea Agreement Advanced

  WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N. General Assembly (UNGA) last week adopted a formal resolution to develop a legally-binding treaty for the conservation of marine


All Women Crew Team SCA Win Volvo Ocean Race Leg 8

Team SCA crew. Photo: Team SCA

 All-women sailing crew Team SCA have recorded their first victory of the Volvo Ocean Race, clinching the eighth leg in the Bay of Biscay off the coasts of France and Spain.    The Swedish boat, skippered by Briton Sam Davies, won the eighth and penultimate 647-mile stage


Harim Acquires Pan Ocean

Photo: Pan Ocean

 South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier.   Harim, partnering with JKL Partners


Keppel Unit Inks Seabed Exploration Contract

A subsidiary of Singaporean conglomerate Keppel Corp Ltd said it signed a 15-year contract with the International Seabed Authority to search the ocean for scarce minerals.   The push to explore the ocean is gaining momentum as ore grades on land decline and demand grows for metals in


ADM Joint Venture Acquires Brazilian Shipping Agency

Archer Daniels Midland Company (ADM) and Norton Lilly International announced that their steamship agency joint venture, Agri Port Services LLC, has acquired Brazilian port and shipping agency Blue Ocean Agencia Maritima Ltda. ADM was previously a part owner in Blue Ocean.  


Arctic Ocean Acidification May Corrode Animals' Shells

Arctic Ocean experiencing acidification. Photo: NOAA

 Arctic Ocean is facing a dilemma today and that is acidification. Ocean acidification is a result or a chemical reaction which happens when seawater absorbs too much carbon dioxide from the atmosphere—reducing its acidity, carbon ion concentration and saturation.  


Clean Ocean Access Partners Newport Boat Show

  Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today that Clean Ocean Access is its Official Charitable Partner for the 45th Annual Newport International Boat Show. A 501(C)3non-profit organization


Crowley Vessels Receive AMVER Awards

Crowley Maritime Corp. announced that 65 of its vessels were recently recognized for participation in the Automated Mutual-Assistance Vessel Rescue (AMVER) program, a computer-based voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to


Australian Bio-Robots to Explore in the Indian Ocean

Nick Hardman-Mountford from CSIRO checks a BioArgo’s satellite communication link. Photo Credit: CSIRO

 CSIRO will be releasing a fleet of floating bio-robots between Christmas Island and Madagascar next week to measure biological indicators in the Indian Ocean including dissolved oxygen, nitrate, organic matter and particles.   A bio-robot is a robot which can measure properties


'Corporate Ocean Responsibility'

Paul Holthus

Recently in its New York City office Maritime Reporter sat with Paul Holthus, CEO of the World Ocean Council, for a discussion of the trend toward corporate ocean responsibility and his organization’s contribution to that end. Can you tell us a bit about your meeting at the United


WOC Provides Industry Comments on U.S. NOP

WOC Logo

  The World Ocean Council (WOC) has submitted a paper synthesizing the common themes from industry comments on the U.S. National Ocean Policy (NOP). Initiated in 2010, the NOP calls for the protection, maintenance, and restoration of the health of ocean, coastal


Ocean Safety Inks Rescue Boat Distributor Deal

Photo courtesy of Ocean Safety

Ocean Safety, a company in the worldwide supply, distribution, service and hire of marine safety equipment, announced its appointment as sales and service agents for the full range of Narwhal SOLAS approved Rescue Boats.   Narwhal models include the SV-420, SV 480






 
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