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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

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

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.

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.  

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

Volvo Ocean Race Partners with Yacht Racing Forum

Photo: Volvo Ocean Race

 The Volvo Ocean Race has agreed a three-year partnership with the Yacht Racing Forum.   "We are delighted to welcome the Volvo Ocean Race as a long-term partner,” said Bernard Schopfer, the event’s CEO.  

Cruise Critic Awards Best Cruise Lines of 2015

Photo: Viking Oceans

 Online cruise guide Cruise Critic has announced the winners of its annual Editors' Picks Awards for 2015, revealing the industry's top performers in a variety of different categories.   The winners, which are selected by the online cruise guide's team of experts

CG Sets Port Condition Whiskey in Preparation for Hurricane Joaquin

The Coast Guard set Port Condition Whiskey Wednesday for all navigable waters in the North Carolina Captain of the Port Zone in preparation for the anticipated weather impact of Hurricane Joaquin. Gale-force winds of 39 mph are predicted to reach Frying Pan Shoals Lighted Buoy 16 (LLNR 8355)

House Bill Introduced to Block Arctic Drilling

Jared Huffman (Official photo)

Rep. Huffman introduces Stop Arctic Ocean Drilling Act; bill would prohibit oil and gas leasing in the Arctic Ocean   U.S. Congressman Jared Huffman (Dem.-Calif.) introduced a bill Monday called the Stop Arctic Ocean Drilling Act of 2015

Atlantis Chief Joins Ocean Energy

Tim Cornelius. Pic by Atlantis Resources Limited

 Tim Cornelius, CEO of global tidal developer Atlantis Resources has taken a seat on the Board of Directors of Ocean Energy Europe – the industry group for ocean renewable energy – by becoming a Lead Sponsor of the organisation.   

'Blue' Economy Ocean Industries & the Next 50 Years

Chemical tanker leaving  Cape Town.

“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 triple

UN Conference on Climate Change - ENMC declaration

Logo: ENMC

 Maritime activities have become one of the major and accelerating driving forces of this world and the main lever of European economic growth, thanks to the boom of traditional fields such as maritime transportation, fisheries, offshore oil & gas

TOTE Shifts Maritime Companies under Unified Brand

Photo: TOTE Maritime

U.S. Jones Act carrier TOTE announced it has shifted operating companies Totem Ocean Trailer Express and Sea Star Line, respectively serving the Alaskan and Puerto Rican/Caribbean markets. Going forward, the companies will be known collectively as TOTE Maritime.

Asia Dry Bulk-Capesize Rates to Climb

Shipowners confident rates will climb on tighter tonnage supply; Shipowners seek rates premium for Australian coal cargoes. Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said

Security in the Indian Ocean Fragile -MAST

The security situation in the Indian Ocean could quickly change for the worse, according to maritime security company MAST.   Gerry Northwood OBE, COO of MAST, said, “For commercial shipping, the Indian Ocean is arguably the safest ocean on the planet

Nan Tsing Suspends Operations

Image: Kwai Tsing Container Terminals

 Chinese domestic container carrier Nan Tsing Container Lines has ceased operations of its entire shipping fleet as it struggled with mounting debts, says local media.   This leaves more than 40 containerships operated by the shipping lines have been detained at several major ports in

Climate Change Will Forever Alter Key Ocean Microbes

Image: ARC Centre of Excellence for Coral Reef Studies

 Global warming will irrevocably mutate a micro-organism that plays a crucial role in the ocean food chain, reports a study.   Trichodesmium (referred to as “Tricho” for brief by researchers) is likely one of the few organisms within the ocean that may “repair”

Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore


  Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block, located in shallow waters of the Foz Amazonas basin on the equatorial margin of the

US Ocean Economy Sees Large Growth -NOAA

File photo: Tauri Minogue

In 2012, U.S. ocean and Great Lakes economy grew much faster than overall GDP   The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion

The Lowdown on Ocean Acidification

The two globes illustrate the changes in ocean acidification that are expected as the ocean continually absorbs carbon dioxide from the atmosphere. Green areas are sufficiently saturated with aragonite to support shell formation; areas colored yellowish-brown are under-saturated, and shell dissolution occurs. The climate model shows the change in ocean aragonite saturation from 1885 to what is expected in 2094. (Image: NOAA)

Scientists say that the world’s oceans are acidifying.  This term is correct, but somewhat misleading.  Until recently, the oceans have had (so far as can be determined) a pH level of about 8.4 for millennia.  A pH of 7.0 is neutral

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