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)
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 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
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
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
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
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
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.
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 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.
The US Navy is developing a duck-like drone, the Flimmer (Flying Swimmer), that can both fly and swim. The drone, it says, can reach operational areas more quickly by flying over the surface of the water. In addition to both a rear-facing propeller and wings
After 19 days of sailing, Abu Dhabi Ocean Racing has won leg five of the Volvo Ocean yacht Race, between New Zealand and Brazil. Abu Dhabi Ocean Racing emerged victorious on Sunday after 6,776 nautical miles (nm) of immensely challenging racing in leg five to take a big advantage at
Public can watch seafloor discoveries live online April 9-30. Beginning April 9, scientists aboard NOAA Ship Okeanos Explorer will begin a series of 20 dives to investigate previously unseen depths of the Caribbean Sea and Atlantic Ocean – and the public can follow along online.
Meet global warming's sister. Although global warming often makes headline news, acidic oceans can also have devastating effects on Earth's environment. They once triggered the "Great Dying," which was Earth's worst-ever mass extinction.
Indian Prime Minister Narendra Modi has arrived back home after five days tour of three Indian Ocean countries. His tour has served to reclaim some of New Delhi’s lost footing in the area. New Delhi accepts that India can less afford its past passivity regarding its
NAMEPA (North American Marine Environment Protection Association) and the Ocean Conservancy signed a memorandum of understanding (MOU) this month, the two group announced in a press release. The agreement aims to foster a collaborative effort that encourages marine pollution
Odisha has the opportunity to reclaim its trade and cultural relations with nations in the Indian Ocean Region. The state can become the maritime gateway of India once again, said Odisha Chief Minister Naveen Patnaik. Recollecting the rich trade practice of Kalinga merchants
Somali pirates, after being neutralized by various countries’ navies, are shifting their locations towards India, but the country is watchful to deal with such threats, says Indian Defence minister Manohar Parrikar. Because their (shipping) lanes are heavily guarded
Dry bulk shipping charter rates remain well below break even levels, pushing vessel scrapping to record highs, though some market improvement is expected in the second quarter, Herman Billung, the CEO of shipping firm Golden Ocean said. Dayrates have plunged as China's slowdown reduced its iron
Damen Shipyards Group has become the latest member of the World Ocean Council (WOC). Damen is the first European shipbuilder to join the WOC, the international business leadership alliance on ocean sustainability, science and stewardship.
The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders. The new company, which will be called Golden Ocean Group Limited
Dutch-based Damen Shipyards Group has become the latest member of the World Ocean Council (WOC). The global shipbuilder headquartered in the Netherlands is the first European shipbuilder to join the WOC, the international business leadership alliance on ocean sustainability
Ocean Safety has introduced a new range of workwear lifejackets. The new Kru Workwear range completes Ocean Safety’s lifejacket offering, providing a wide choice for personnel working in both the commercial and leisure industry.
As the six-strong fleet Volvo Ocean Race continued to endure a helter-skelter ride toward Cape Horn in the Southern Ocean, the American boat Team Alvimedica took the lead, reports AP. The Volvo Ocean Race fleet in the wild Southern Ocean was fighting two battles on Sunday –
Viking Ocean Cruises has announced it took delivery of Viking Star, marking the company's official arrival into the ocean cruise industry. The delivery ceremony took place on March 28 when the ship was presented at Fincantieri's Marghera shipyard outside of Venice, Italy