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.
The Korean based global shipping company Pan Ocean, has ordered OCTOPUS-Onboard system from Amarcon for two semi-submersible heavy lift vessels. The state-of-the-art ship monitoring and advisory system will support the vessels’ route planning, optimization of speed
Global Rescue, a crisis response firm providing medical, security, evacuation, and travel risk management services, says it has coordinated the rescue of a rower from the middle of the Indian Ocean after he sustained severe burns. Ocean Row Events (ORE) crew member Shane Usher was successfully
Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors. Senators must still debate reservations to the regulatory
Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally welcome the third dynamic positioning (DP) tugboat to the company’s expanded ocean towing fleet
The health of the global ocean is in decline and an integrated rescue package needs to be applied over the next five years, according to The Global Ocean Commission, made up of former Heads of State, Government, ministers and prominent business leaders.
A new camera developed by Battelle aims to reduce the time, effort and expense needed to create complete 360-degree viewpoints in the depths of the ocean or in other hard to reach places. The HorizonVue M360 Deep combines Battelle’s history in maritime engineering technology with
The recent decision by Chinese antitrust authorities to block approval of the P3 Ocean Carrier Alliance has increased the demand for Ocean Contract Management. In response, Freightgate is offering free demonstration of its award winning Rate & Tender Management Tariff-Trek! Solution.
EIVA has chosen to expand its activities in India, as the offshore specialist is seeing an increasing interest in its solutions in the country. As a result, EIVA has entered into an agreement with Pan India Consultants Pvt. Ltd., making it authorized EIVA reseller.
NOAA’s newest output includes a feature on economics. The National Ocean Watch site features facts, charts, story maps and videos. It turns out that our maritime economy – commercial, recreational and everything in between – really matters.
Ocean Safety said it has been busy since gaining Lloyds Register approval to carry out hydrostatic pressure testing in accordance with TPED (Transportable Pressure Equipment Directive) and things are only set to get busier. During the past year Ocean Safety has noticed a steady increase in business
The U.S. Coast Guard (USCG) Sector North Carolina port Captain has set the Port Condition Whiskey for all navigable waterways in North Carolina in preparation for the anticipated weather impact of tropical storm Arthur. Port Status Whiskey is normally set when gale force winds from a hurricane
The partners behind DESMI Ocean Guard A/S today announced that A.P. Moller - Maersk A/S and UltraAqua A/S have sold their shares in DESMI Ocean Guard A/S to DESMI A/S. The transaction gives DESMI A/S full ownership of the company, which presently has two Ballast Water Treatment systems in its
China & Japan shipbuilders scoop the pool of international shipbuilding orders according to the latest Clarkson Hellas S&P Weekly Bulletin. Dry bulk ships Clarkson Hellas says that Pan Ocean has placed an order for two firm 207,000 dwt Newcastlemaxes at New Times
Orders for gas carriers placed with Korean and Japanese shipyards figure prominently amongst the latest newbuilding orders noted in the latest Clarkson Hellas S&P Weekly Bulletin. Dry bulk carriers Pan Ocean have placed an order for two firm 207,000 dwt Newcastlemaxes at New Times
Japan's Mitsui OSK Lines Ltd (MOL) said on Wednesday that it will start transporting liquefied natural gas (LNG) through the Arctic Ocean in 2018 using icebreaker LNG tankers. MOL, with its joint venture partner China Shipping, has ordered three icebreaker LNG carriers from South Korea's Daewoo