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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)


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


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


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


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.  


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.


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


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.


MAN ME-Engines for Brazil

Photo courtesy MAN Diesel

MAN Diesel has announced a series of significant orders for its two-stroke, electronic ME-engines in Brazil. The new engines will be delivered to Petrobras and Vale. Petrobras Brazil’s multinational energy company, has ordered 10 × 6S70ME-C engines to power a new generation of Suezmax tankers as part of a massive fleet-renewal programme. The Petrobras engines will be constructed by Doosan Engine in Korea with the ships being built at the new Estaleiro Atlântico Sul (EAS)


Huge Iceberg Broken off Antarctica Heads for Open Ocean

Pine Island Glacier rift seen from the Digital Mapping System camera aboard NASAs DC-8 on Oct. 26, 2011 (Image Credit: NASA / DMS)

Scientists are monitoring an iceberg roughly six times the size of Manhattan - one of the largest now in existence - that broke off from an Antarctic glacier and is heading into the open ocean. NASA glaciologist Kelly Brunt said on Wednesday the iceberg covers about 255 square miles (660 square


European Launch of SMS at Counter Terror Expo

kelvin.png

Kelvin Hughes is delighted to announce that it will be displaying its new Single Mast Solution (SMS) at Counter Terror Expo 2014 from April 29-30. This will be the first time that the SMS – a lightweight, easily deployable, best-in-class radar and electro-optical system – has been


Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race. The race takes place from 4 October 2014 to 27 June 2015. During the nine month race, seven 65-foot (19


ONR Researchers Explore a Changing Arctic

Photo by Bill Shaw, Naval Postgraduate School

As sea ice continues to recede at a record pace in the Arctic, officials at the Office of Naval Research (ONR) on April 14 announced new efforts to determine the pace of change in what some are calling Earth's final frontier. Scientists sponsored by ONR have traveled to the Beaufort Sea in the


Iran Changes Mind on Atlantic Ocean Warship Deployment

Iran destroyer, same class: Photo Wiki CCL

Iran has called off a deployment of warships to the Atlantic Ocean, the semi-official Fars news agency said on Sunday, shelving plans for its vessels to approach U.S. maritime borders in response to the U.S. navy's presence in the Gulf. A senior Iranian naval commander was quoted in February as


Northern Sea Route Usable 125 Days by 2050: New Report

Frontispiece image credit IPCC

The recently released Inter-governmental Panel on Climate Change (IPCC) report – ' Climate Change 2014: Impacts, Adaptation, and Vulnerability' – finds that the effects of climate change are already occurring on all continents and across the oceans


US Navy Adds New Research Vessel

Carol Armstrong, sponsor for the R/V Neil Armstrong , breaks a bottle across bow during a christening ceremony at Dakota Creek Industries, Inc., shipyard in Anacortes, Wash. Joining Carol on the platform are Rear Adm. Matthew Klunder, left, chief of naval research, Dick Nelson, president, Dakota Creek Industries, Inc., and Kali Armstrong, granddaughter of the late astronaut. (U.S. Navy photo by John F. Williams)

Yesterday marked the christening of the U.S. Navy’s new state-of-the-art Auxiliary General Oceanographic Research (AGOR) scientific research vessel R/V Neil Armstrong (AGOR 27) at the Dakota Creek Industries shipyard in Anacortes, Washington.


Presentations Illustrate Dimensions of Accurate Marine Mapping

The Ocean Dimensions animation helps users visualize how ocean data can apply to several dimensions

Two new products—the Ocean Dimensions animation and Crowded Ocean Spaces: A 3D View visualization—explain why two-dimensional marine maps cannot tell the whole story. Understanding this fact helps viewers gain a more accurate picture of marine-siting conflicts and compatibilities


Ocean Osprey is Ready to Serve in Norway

Ocean Osprey (Photo: Zamakona Yards)

Zamakona Yards announced that the newly built vessel Ocean Osprey arrived to Scotland last week to soon begin operating in the Martin Linge offshore oilfields to support the works of Norwegian company Total E & P. Ocean Osprey was launched January 31 at Zamakona’s facility in Pasajes


Crane Barge Delivered to Stevens Towing

Photo: The Shearer Group

Bos Smith, Vice President, Operations, with Stevens Towing Co., Inc., Yonges Island, S.C., announces the delivery of Ocean Ranger, a 200’ X 72’ X 14’ ABS-classed floating crane barge. Stevens Towing, operating Ocean Ranger under Charleston Heavy Lift


Royal Australian Navy Chairs Indian Ocean Symposium

IONS: Photo credit RAN

The Royal Australian Navy is currently chairing the group of world navies whose nations share boundaries with the Indian Ocean at he biennial Indian Ocean Naval Symposium (IONS) which was established in 2008 as a forum to increase maritime cooperation among the littoral states of the Indian Ocean


AWA Opens Houston Office

American Worldwide Agencies (AWA) is adding to its global network of freight forwarders and agents with a new office in Houston, the company announced today. The Houston office is part of AWA's global expansion plans and will handle the company's growing business in the region for project freight


Seychelles CG Cadets Enter Seamanship Training

Photo: Seychelles Coast Guard

On Friday, March 21, 17 trainees who are part of the Basic Training Program for the Seychelles Coast Guard received training in seamanship skills on board the Dutch warship, HNLMS Evertsen, operating under NATO Ocean Shield Task Force 508.


Ocean Rig Prices Its US$500-Million Note Offering

Calculator credit Dominic Alves CCL

Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers


DryShips to Make US$500-Million Notes Offering

Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the


 
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