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.
For the third year running, DP World is the top stock in the S&P/Hawkamah Pan Arab ESG Index. The index is the first ever of its kind in the Arab world and ranks the transparency and disclosure of regional listed companies based on Environmental
CMA CGM is offering more Reunion Island services as it positions the French department to be its hub in the Indian Ocean. CMA CGM presented its new strengthened services offer linking the Reunion Island during the inauguration of the Group’s new offices, on Tuesday 26th January
Despite historic lows in traditional oil and gas energy markets, research and develoment continues in earnest on a number of projects designed to produce green energy. The latest, an Ocean Thermal Energy Converter (OTEC) from KRISO, received Approval in Principle from classification society Bureau
Shin Yang Shipping Corp Bhd (Syscorp) has shifted the focus of its container shipping business to domestic routes in the face of continued volatility in the international container shipping market, reports the Star. The leading Malaysian shipping company has realigned its focus to
The global engineering, project management and construction company, Bechtel has become a member of the World Ocean Council (WOC), the international business alliance for Corporate Ocean Responsibility. Bechtel brings considerable experience and expertise in the design
The Antarctic Ocean Alliance (AOA) called on the 25 member countries gathering today for the annual meeting of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) to finally agree on lasting and significant Southern Ocean protection.
“Sustainable development” has gone from buzz word to business imperative in the two decades since the initial Earth Summit in Rio de Janeiro in 1992. Companies are increasingly evaluated on how well they address sustainability as a critical measure of their commitment to the
DBR announced its expansion into the cruise ship industry following a partnership with a Dutch engineering and installation company in the marine and offshore industry. The latter company is currently working on a project that involves the upgrade of the electrical safety system onboard two cruise
Mr Tan will provide the opening keynote address for the World Ocean Council’s Sustainable Ocean Summit, (SOS), 9-11 November 2015. MPA Chief Executive Mr Andrew Tan stated, “Singapore is honoured to host the first Sustainable Ocean Summit to be held in Asia
In his opening address at the Sustainable Ocean Summit 2015 held in Singapore today, Chief Executive of the Maritime and Port Authority of Singapore (MPA) Mr Andrew Tan called for an integrated approach bringing together the science, the research
DESMI Ocean Guard A/S to supply ballast water treatment systems to a series of new container vessels to be built at COSCO Zhoushan shipyard in China, for Danish shipper Maersk Line. DESMI Ocean Guard announced that its RayClean ballast water treatment system (BWTS) has been selected for
The ice-covered Arctic Ocean is a more important factor concerning the concentration of the greenhouse gas methane in the atmosphere than previously assumed. Experts from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) report on the newly discovered
Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback
Ocean Yield ASA has agreed to certain amendments to the charter agreements with Höegh Autoliners (Höegh) for four PCTC vessels on long term charter. Ocean Yield currently has two newbuilding PCTC vessels of 8,500 CEU capacity under construction at Xiamen Shipbuilding
Icebergs the size of Singapore could be playing a bigger role in how much carbon the Southern Ocean absorbs than previously thought, a new study says. Icebergs that break off Antarctica could account for twice as much carbon dioxide stored in the Southern Ocean than previously