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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.


Ice Navigation System Selected for Magne Viking

Magne Viking (Photo: Rutter)

Rutter Inc. announced that Viking Ice Consultancy selected the sigma S6 Ice Navigator system for installation on the Magne Viking, the first vessel to comply with the International Maritime Organization (IMO) Polar Code approved by DNV GL.   


Argentina Crude Exports Poised to Hit Record

Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years.   The surge in shipments abroad comes just a month after Argentina's


Alliance Merry-go-round Spins Again

Photo: CMA CGM

 Four carriers have announced a new OCEAN Alliance to start next year. Where does this leave those carriers left behind?   To the surprise of many it was announced last Wednesday that four carriers – CMA CGM, COSCO Container Lines


Fincantieri Orders Heat Power Systems for Cruise Newbuilds

Photo: Fincantieri

Italian shipbuilding group Fincantieri has selected Climeon’s heat power system Climeon Ocean for its energy efficient solutions, purchasing six Climeon Ocean 450M systems to be installed in its upcoming new cruise ship builds. Total capacity on all ships is up to 2.7 MW.


Drewry Launches e-Sourcing Solution

Drewry, an independent research and consulting firm to the shipping sector, has launched a new e-Sourcing solution for global ocean transport exporters and importers.   The new e-Sourcing Ocean Freight Solution (eSOFS) combines Drewry’s freight rate benchmarking intelligence


Recent Vessel Sales - February 2016

Vessel sales for February 2016 (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price in Millions USD   Bulk Carriers 2/22 - ID MERMAID - 27,015 - 01 - (15) - $2.1


CLIA Joins World Ocean Council

Cruise Lines International Association (CLIA) has partnered with the World Ocean Council (WOC), an international business leadership alliance dedicated to Corporate Ocean Responsibility.   For years, cruise lines have implemented policies and procedures to reduce the industry’s


Statoil Exercises Ocean Installer Option at Vigdis

Photo: Ocean Installer

 Ocean Installer will undertake flexible jumper replacement operations for Norwegian operator Statoil at the Vigdis field, says a statement from the company. Ocean Installer  will see it perform subsea work.   The company said the option falls under an amendment to the previously


Navig8 Acquires LR2 Tanker from Sungdong

Photo Courtesy Navig8

Navig8 Product Tankers Inc. an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Sanctity, a 110,000 DWT LR2 tanker, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”)


GOST to Debut its Latest at MSE Conference

GOST Watch HD H20

Marine Security Leader Demonstrates Latest Innovative Surveillance Systems Fort Lauderdale, Fla. – GOST (Global Ocean Security Technologies), a world leader in marine security, tracking, monitoring and video surveillance systems, announced


ICS is Shipowners' Rep at UN Meets

Courtesy ICS

At the United Nations in New York, the International Chamber of Shipping (ICS) is representing the interests of shipowners at the opening session of a UN Preparatory Committee starting work on a new legal instrument under the United Nations Convention on the Law of the Sea (UNCLOS).


High Correlation of Biomass to Species Diversity in Northern Chukchi Sea - BOEM Study

Last summer, researchers began a five year study to monitor biodiversity in the Arctic Chukchi Sea from an ecosystem perspective, looking at microbes, whales and everything in between. Marine biodiversity is a key indicator of ocean health and critical ecosystem services that contribute to human


Golden Ocean Names New CEO and CFO

Photo: Golden Ocean

The board of Golden Ocean Group Ltd. announced a pair of leadership appointments, naming Birgitte Ringstad Vartdal as the new Chief Executive Officer of Golden Ocean Management AS and Per Heiberg as the new Chief Financial Officer of Golden Ocean Management AS.  


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  


FMC's Doyle Acknowledges Progress on Container Weight Rules

William P. Doyle (Photo: FMC)

U.S. Federal Maritime Commissioner William P. Doyle has issued a statement regarding the ongoing discussion on container weight measures, welcoming a recent announcement from OCEMA: “OCEMA's statement on container weighing this evening is welcome news,” Doyle said






 
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