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)
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
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
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.
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
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)
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 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.
Fidelis Group launches ocean cargo division; Doug Fischer and Crystal Prout named managing directors Fidelis Group Holdings, LLC (FGH) with its subsidiary company Continental Underwriters, Ltd. announced the formation of its new ocean cargo division.
The California Air Resources Board has fined four shipping companies a combined $146,719 for failing to switch from dirty diesel “bunker” fuel to cleaner, low-sulfur marine distillate fuel upon entering Regulated California Waters – within 24 nautical miles of the
Eleven individuals and organizations have been named as winners of the 2014 Walter B. Jones Memorial Awards for Excellence in Coastal Ocean Resource Management, an award given by NOAA’sOffice for Coastal Management for exemplary leadership and a commitment to balancing the human use
After concluding two 3,500HP tug sales on December 30, Marcon International Inc. has started 2015 with three ocean barge sales, and hopes to report on several additional sales before the end of this month. Five 4,500-6,000HP tugs, one 5,150BHP AHTS and two 3,200 – 5
Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of
The U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement today regarding port congestion, as well as the Transpacific Stabilization Agreement’s (TSA) amendment to expand its scope to include westbound trans-Pacific trade. The full statement is below.
Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime operations to promote the sustainable use of the world’s oceans.
There are plastic shopping bags, bottles, toys, action figures, bottle caps, pacifiers, tooth brushes, boots, buckets, deodorant roller balls, umbrella handles, fishing gear, toilet seats and so much more. Plastic pollution is pervasive in Earth's oceans.
European shares fell on Tuesday, the last full trading day of the year, led lower by energy companies as Brent oil fell to a 5-1/2-year low on persistent concerns about a global supply glut. The STOXX Europe 600 oil & gas index was down 1
Maritime traffic on the world’s oceans has increased four-fold over the past 20 years, according to a new study quantifying global ship traffic. The research used satellite data to estimate the number of vessels on the ocean every year between 1992 and 2012
A Chinese submarine has started to search an area of the Indian Ocean for seabed deposits of gold, silver, copper and zinc, in a four-month-long mission. A Chinese submersible vessel has been conducting its first deep dive in the Indian Ocean in search of rare metals
Two new U.S. research vessels are going full steam ahead: the U.S. National Science Foundation will formally commission its Arctic-bound Sikuliaq, and the Woods Hole Oceanographic Institution’s Neil Armstrong will begin science operations.
The World Ocean Council (WOC) has announced its 3rd Sustainable Ocean Summit (SOS) to be held on 9-11 November, 2015 in Singapore. The SOS is the only international, multi-sector, business event dedicated to “Corporate Ocean Responsibility”
Several of Ocean Rig UDW Inc. subsidiaries have entered into an omnibus agreement with ENI Angola S.p.A pursuant to which ENI has exercised its option to extend the contract for the drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017.
The Port of Los Angeles has appointed Marla Bleavins as its Chief Financial Officer. Bleavins will oversee the port’s financial affairs, which include accounting, financial management, debt and treasury, risk management and audit functions