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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


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


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)


Phoenix International Awarded US$75-M Subsea Navy Contract

Subsea salvage work: Photo USN SUPSALV

US Department of Defense inform that Phoenix International Holdings Inc., Largo, Maryland, is being awarded a $75,000,000 indefinite-delivery/indefinite-quantity, cost-plus-award fee contract for worldwide undersea deep ocean search and recovery operations and associated services to support


Navy Ocean Services Contracts Awarded to Five Firms

Floating crane: File photo

The US Department of Defense inform that five firms are to share in a broad range of ocean engineering services contracts with a combined maximum dollar value of US$99-million. Details as follows: The five firms are: Truston Technologies Inc., Lafayette, Louisiana


Ocean Three Containership Alliance v the Rest: DMR Analysis

Full load: File photo

Last Tuesday’s announcement of the formation of the “Ocean Three” alliance – actually a combination of vessel sharing, slot exchange and slot charter agreements – confirmed one of the worst kept industry secrets


GAC Pindar to Add Quality to Volvo Ocean Race

GAC Pindar

  With just one month to go to the start of the first leg of the Volvo Ocean Race 2014-15, GAC Pindar is in the thick of ensuring the provision of a seamless logistics support package for the 12th edition of the race that has been nicknamed the 'Everest of Sailing'.


Date for Diary: BlueTech & Blue Economy Summit & Expo

Maritime Alliance logo

The Maritime Alliance promotes the 6th Annual event Novemeber 12-13, 2014 at the McMillin Companies Event Center in San Diego, CA  as a unique opportunity to understand trends, network with leaders from the public and private sector


Fugawi Aboard Combines US, Canada Raster Charts

Fugawi Aboard

Fugawi Aboard, a newly launched product from Northport Systems Inc., combines U.S. and Canadian raster charts, based on National Oceanic Atmospheric Administration (NOAA) and Canadian Hydrographic Service (CHS) nautical charts, into quilted regions for use on compatible chartplotters


Ocean Rig Orders Kongsberg Offshore Simulator

Sophisticated integrated simulator suite for new training center (Photo: Kongsberg Maritime)

Ocean Rig UDW Inc. has chosen Kongsberg Maritime to supply an extensive offshore and navigation simulator package for a brand new training center. With a sophisticated integrated simulator suite, enabling specific operations and vessel team training, Ocean Rig’s new facility


Crowley Tug Participates in Rig Blackout Test

Ocean Sky tending to Noble drill rig John Day during blackout trials (photo by Captain Ward Davis)

Once again displaying their diversity for use in the domestic petroleum industry, one of Crowley’s four ocean class tugs, Ocean Sky, recently provided back-up station-keeping and holdback services during a routine blackout test of ultra-deepwater, semisubmersible oil rig Noble Jim Day in U.S


Atlantic Slows Warming, Temperature Rises Seen Resuming from 2030

The Atlantic Ocean has masked global warming this century by soaking up vast amounts of heat from the atmosphere in a shift likely to reverse from around 2030 and spur fast temperature rises, scientists said. The theory is the latest explanation for a slowdown in the pace of warming at the


Ocean Signal Appoints Furuno Italy Distributor

Photo courtesy of Ocean Signal

Communications and safety at sea specialist Ocean Signal has appointed FURUNO Italia S.R.L. as its new distributor for Italy.   Following confirmation of the new partnership, FURUNO is now able to market and supply the entire Ocean Signal range of products


DRYSHIPS Financial & Operating Results for 2Q, 2014

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results


Two New Contracts for Optimus Seventh Generation

Optimus Seventh Generation Chief Executive Derek Smith

Optimus Seventh Generation Ltd., an Aberdeen headquartered behavioral change consultancy, recently secured two contracts to provide safety leadership training to clients including Bibby Ship Management in the North Sea, and a new Asia-based client.


EMGS Releases Interactive, Multi-client Maps

  From EMGS's website, you now have interactive access to EMGS’s multi-client library.   Visit our interactive multi-client maps. Zoom in to the area of interest, see what data is available, request more information about the survey


BMT Oceanica Wins Major Water Corporation Bid

Oceanica-Water-Bid

  Marine and coastal environment specialist, BMT Oceanica (BMT), a subsidiary of BMT Group Ltd, is delighted to announce that it has won the bid to provide Ocean Outlet Monitoring services for Western Australia’s Water Corporation.


Crowley Christens New DP2 Tugboat

Jennifer Legg christens Ocean Sky: Photo Crowley Maritime

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






 
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