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)
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 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
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
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
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.
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 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.
In his opening address at the Sustainable Ocean Summit 2015 held in Singapore today, Chief Executive of the Maritime and Port Authority of Singapore (MPA) Mr Andrew Tan called for an integrated approach bringing together the science, the research
DESMI Ocean Guard A/S to supply ballast water treatment systems to a series of new container vessels to be built at COSCO Zhoushan shipyard in China, for Danish shipper Maersk Line. DESMI Ocean Guard announced that its RayClean ballast water treatment system (BWTS) has been selected for
The ice-covered Arctic Ocean is a more important factor concerning the concentration of the greenhouse gas methane in the atmosphere than previously assumed. Experts from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) report on the newly discovered
Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions. "We are not considering equity issue. We are working on other options, including sale and leaseback
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.
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
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)
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.
Ocean Installer has been awarded a Regional Framework Agreement with BP for subsea work in the Gulf of Mexico region. The agreement covers subsea fabrication, transportation and installation of offshore facilities, as well as hook up and commissioning, and is valid for three years
Ocean Time Marine informs it has added to its suite of safety management tools with a new vessel content management system, the Ocean Time Marine Dashboard and a suite of paperless safety document packs. These tools aim to provide simplified administration for vessel management delivering
The global engineering, project management and construction company, Bechtel has become a member of the World Ocean Council (WOC), the international business alliance for Corporate Ocean Responsibility. Bechtel brings considerable experience and expertise in the design
The Antarctic Ocean Alliance (AOA) called on the 25 member countries gathering today for the annual meeting of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR) to finally agree on lasting and significant Southern Ocean protection.
“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
DBR announced its expansion into the cruise ship industry following a partnership with a Dutch engineering and installation company in the marine and offshore industry. The latter company is currently working on a project that involves the upgrade of the electrical safety system onboard two cruise
Mr Tan will provide the opening keynote address for the World Ocean Council’s Sustainable Ocean Summit, (SOS), 9-11 November 2015. MPA Chief Executive Mr Andrew Tan stated, “Singapore is honoured to host the first Sustainable Ocean Summit to be held in Asia