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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.


China Lures India with Deep Sea Mining Cake

Indian Prime Minister, Narendra Modi and the Chinese President, Xi Jinping. Photo Credit: Press Information Bureau

 A week before Indian Prime Minister Narendara Modi is set to visit the country, China said it was ‘eager to cooperate’ with India on deep sea mining in the Indian Ocean, reports Press Trust of India.  China's sweetheart deal is to break through India's resistance to its


Zamakona Delivers New Ship to Atlantic Offshore

Photo: Zamakona Yards

Norwegian shipping company Atlantic Offshore A.S. took delivery of new offshore multipurpose vessel Ocean Falcon from Zamakona Yards at the builder’s facilities in Pasajes, San Sebastián.   Ocean Falcon is the third and final vessels in a series built by Zamakona for Atlantic


Oceans HQ, Gibraltar Registry, Partner on STCW Requirements

André Tanguy (Photo: Oceans HQ)

Maritime software solutions provider Oceans HQ Ltd has announced a partnership with the Gibraltar Ship Registry (part of the Gibraltar Maritime Administration), ahead of new STCW requirements for online access to seafarer certification data which come into force in 2017.


Global Warming Slowdown Tracked to Indian Ocean

Image courtesy: NOAA.

 Global surface warming has slowed since the start of the twenty-first century, while Pacific heat uptake was enhanced. Analyses of ocean heat content suggest that the warm water was transferred to the Indian Ocean, through the Indonesian straits, reports "Natue".  


'Great Dying' Caused by Ocean Acidification

Ocean Acidification Illustration. By NOAA Pacific Marine Environmental Laboratory

Meet global warming's sister. Although global warming often makes headline news, acidic oceans can also have devastating effects on Earth's environment. They once triggered the "Great Dying," which was Earth's worst-ever mass extinction.   


Rejig at Pan Ocean

Image: Pan Ocean

 South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital.   The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a


Golden Ocean Reshuffles Fleet, Delays Newbuilds

Courtesy of Golden Ocean Group Limited

  Golden Ocean Group Limited has entered into several agreements concerning its fleet. Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance") a sale leaseback transaction of eight Capesize vessels currently owned by Golden Ocean.


SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.   The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia


Ocean’s Micro-plastics as Harmful as Plastic Bags -Report

Microplastic fragments from the western North Atlantic, collected using a towed plankton net. (Photo: Giora Proskurowski, Sea Education Association (SEA).)

Tiny pieces of plastic or fibers, known as Micro-plastics, may act as a pathway for persistent, bio accumulating and toxic substances entering the food chain, and are increasingly being found in the oceans and may prove to be as harmful to marine life as more obvious, larger debris


SFL Acquires Eight Capesize Bulkers

Photo of VANGUARD Courtesy Ship Finance International Limited

  Ship Finance International Limited today announced the agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited ("Golden Ocean"). The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea, Belgravia


Arctic Whitening Might Help Ice But Not Climate

Image by Carnegie Institution for Science

 The attempt to artificially whiten the surface of the Arctic Ocean and offset climate change will not be able to reduce global temperatures substantially. It could in principle help restore some amount of sea ice, says a research based on model configurations.  


ACR Electronics Acquires Ocean Signal

Photo courtesy of Ocean Signal

ACR Electronics, Inc., a Drew Marine company, announced its acquisition of Ocean Signal, Ltd.   “Ocean Signal has pioneered a number of innovations in marine safety,” said Gerry Angeli, President of ACR Electronics. “Their ability to create a strong brand in a short period


Hamburg Süd Eyes Ocean Three Membership

Photo courtesy: Hamburg Süd

 UK- based shipping consultants Drewry said that it was only a matter of time before these carriers make the formal announcement that Hamburg Süd is to become a fully-fledged member of Ocean Three, or Ocean Four as it will presumably have to be re-named.  


New Ships Meet 2020 Design Standard

Image: CE Delft

 A new CE Delft study has revealed that many recently constructed ships already meet the International Maritime Organization’s (IMO) design efficiency standard for 2020, says Pan European Networks.   The study, commissioned by Brussels-based NGOs Seas at Risk and Transport &


M-I SWACO Unveils Fluid, Cuttings Separator

SCREEN PULSE Fluid and Cuttings Separator

  M-I SWACO, a Schlumberger company, announced today the release of the SCREEN PULSE fluid and cuttings separator. Easily installed onto new or existing shale shakers, the fully pneumatic system delivers drilling fluid recovery of up to 30 bbl per day and an average drill cuttings waste






 
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