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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.


Researchers Prepare Oceanic Trash Clean-Up Plan

Researchers returned on Sunday from mapping and sampling a massive swirling cluster of trash floating in the middle of the Pacific Ocean, as the Dutch-borne crew works to refine a clean-up strategy it will roll out globally. The crew of the Ocean Cleanup, backed by volunteers in sailboats


The Lowdown on Ocean Acidification

The two globes illustrate the changes in ocean acidification that are expected as the ocean continually absorbs carbon dioxide from the atmosphere. Green areas are sufficiently saturated with aragonite to support shell formation; areas colored yellowish-brown are under-saturated, and shell dissolution occurs. The climate model shows the change in ocean aragonite saturation from 1885 to what is expected in 2094. (Image: NOAA)

Scientists say that the world’s oceans are acidifying.  This term is correct, but somewhat misleading.  Until recently, the oceans have had (so far as can be determined) a pH level of about 8.4 for millennia.  A pH of 7.0 is neutral


US Ocean Economy Sees Large Growth -NOAA

File photo: Tauri Minogue

In 2012, U.S. ocean and Great Lakes economy grew much faster than overall GDP   The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion


Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

BLOQUE BRASIL FZAM320

  Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block, located in shallow waters of the Foz Amazonas basin on the equatorial margin of the


DryShips Reaches Agreement with Ocean Rig

DryShips.jpg

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced the following: It has reached an agreement with Ocean Rig UDW Inc


FMC Collects $1,227,500 in Penalties from NVOCC's

Logo

Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $1,227,500 in civil penalties.   The agreements were reached with seven non-vessel-operating common carriers (NVOCCs) and one vessel-operating common


China's Maritime Silk Road Gamble with ASEAN

Map: Xinhua

 The Chinese Foreign Minister Wang Yi said China hopes to connect its 21st-century Maritime Silk Road with the ASEAN Community, reports the state news agency Xinhua.   China and the Southeast Asian countries were linked with each other by the ancient maritime Silk Road in history


Totem Inks LNG Conversion Deal with Keppel

Midnight Sun

  Totem Ocean Trailer Express announced that it has signed a contract with Keppel Offshore & Marine Ltd, wholly owned subsidiary Keppel Shipyard Ltd for the conversion of  the  Midnight Sun to dual fuel liquefied natural gas (LNG) propulsion


India, Mozambique to Boost Maritime Ties

Indian Prime Minister Narendra Modi and Mozambique President Filipe Jacinto Nyusi. Photo: Press Information Bureau

 India and Mozambique on Wednesday discussed ways to intensify cooperation in maritime security, ocean economy and defence as Prime Minister Narendra Modi held talks with Mozambique President Filipe Jacinto Nyusi in New Delhi.   "Africa and the Indian Ocean are among the highest


DryShips Misses on Revenue

Ocean Rig Corcovado and Ocean Rig Olympia naming ceremony at Samsung Heavy Industries. Photo by DryShips Inc

 The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations.   DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate


Dryships Post 2Q Loss

George Economou, Chairman and Chief Executive Officer

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second


Allcargo Acquires 2 Vessels for Coastal Operations

Allcargo Leela

  Allcargo Logistics has announced the acquisition of two additional vessels aggregating 24000 DWT. for its coastal shipping business. Post this acquisition Allcargo now owns a total of five cargo vessels making it one of the largest players in the logistics industry


Arctic Drilling 'Not Worth the Risk' -Hillary Clinton

Hillary Clinton

U.S. Democratic presidential candidate Hillary Clinton said in a Twitter post on Tuesday that drilling for oil and gas in the Arctic Ocean was "not worth the risk." "The Arctic is a unique treasure," Clinton said. The Obama administration on Monday gave Royal Dutch Shell


Intelsat 34 Satellite Launched Successfully

Satellite Launch aboard an Ariane 5 vehicle

  Intelsat S.A. today reported that its Intelsat 34 satellite was launched successfully from French Guiana aboard an Ariane 5 vehicle. Liftoff occurred at 4:34 pm EDT.  The Intelsat 34 satellite separated from the rocket’s upper stage 40 minutes after launch, at 5:14 pm EDT


French Cruise Company PONANT Signs GAC UK

PONANT’s ‘Le Boréal’ will be seen at ports around the UK and Ireland under GAC UK’s agency in May & June 2016

PONANT Yacht Cruises & Expeditions has appointed GAC UK as its agent for all United Kingdom and Ireland port calls in 2016. PONANT’s 142m and 132 cabin megayachts Le Boréal and L’Austral will cruise around the British Isles and Ireland, including the Scilly Isles






 
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