Marine Link
Tuesday, March 19, 2024
SUBSCRIBE

Stx Pan News

01 Oct 2018

South Korea's SK Group to Sell SK Shipping

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing a method of buying up new shares issued by SK Shipping.An official at SK Group confirmed that they are talking to Hahn & Company regarding the issue, but nothing has been finalized yet.

13 Jun 2015

Harim Acquires Pan Ocean

South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court, following the agreement of more than two thirds of unsecured claims creditors (87.0%) and more than half of shareholders (61.6%), the bulker owner said in a stock exchange filing.

17 Jun 2014

Deep Sea Carriers Attracted to Intra-Asia Routes: Analysis

Cargo growth on intra-Asia routes is attracting deep-sea carriers due to the availability of cheap charter vessels and economies of scale between China and SE Asia, but regional players also know how to form defensive alliances, reports Drewry Maritime Research in its latest 'Container Insight Weekly'. Financially troubled deep-sea ocean carriers are increasingly seeking salvation in the intra-Asia market due to higher than usual cargo growth and the availability of cheap vessel charter rates. Seldom does a month pass without the announcement of at least one new regional service, some of which now deploy vessels over 4,000 teu. Maersk-owned MCC Transport/NYK’s weekly Japan-China-Thailand schedule calling at Tokyo, Yokohama, Nagoya, Kobe, Hong Kong, Shekou, Laem Chabang, Xiamen and Tokyo.

04 Dec 2013

Global Dry Bulk Carrier Newbuilding Orders on the Rise

Photo in public domain

Starting with the large sizes in dry, Oldendorff Carriers are reported to have declared the sixth in a series of 207,000 DWT Newcastlemax at HHI, with delivery in the second quarter of 2015. Clarkson Hellas report that at Hanjin Subic, STX Pan Ocean have contracted two firm 150,000 DWT Capesize, planned for delivery in the second half of 2016 and for charter to KEPCO. One order to report in the Kamsarmax sector, with Klaveness declaring the third and fourth in a series of 82,000 DWT bulk carriers at Jiangsu New Yangzijiang.

16 Sep 2013

Tips on Reducing Ship Operating Costs

Anthony Chiarello, President and CEO of Tote, Inc., is the featured Keynote Speaker at the SHIPPINGInsight Fleet Optimization Conference, October 22-24, 2013.

While there are indications that the shipping industry is starting to emerge  from the doldrums of the last six years, signals remain mixed. Moore Stephens reported in June that shipping confidence has risen to its highest point since 2010. Indeed, there are signs of a new wave of speculative ordering of new tonnage, propelled by bargain-basement prices from shipyards desperate to fill slots and a reported influx of capital from private equity sources. A primary driver for the surge of orders is the improvements in fuel efficiency of new ship designs over older ships.

09 Sep 2013

GasLog Buy STX Pan Ocean LNG Carrier

A GasLog LNG carrier:Image courtesy of GasLog

GasLog Ltd. has signed a memorandum of agreement to acquire the 'STX Frontier', a 2010-built, 153,600 cubic meter LNG carrier from Singapore- based company STX Pan Ocean LNG PTE. Ltd. The intention is that GasLog will take over the vessel from STX Pan Ocean early in the fourth quarter of 2013 in Spain, which makes her well positioned to take advantage of the current tight supply of tonnage for this winter in the Atlantic. Paul Wogan, GasLog CEO; said: "We are delighted to announce this acquisition.

05 Aug 2013

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. Creditors have pumped liquidity into ailing STX Group in return for overhaul efforts. STX Group's holding company STX Corp. and its three ailing units -- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine -- have requested that creditor banks supply liquidity.

12 Jul 2013

Greece's Star Bulk on Ship Buying Spree

Star Bulk's '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. Star Bulk say they have been notified by the  receivers of STX Pan Ocean Co. Ltd.

25 Jun 2013

Creditors to Pursue ARA Vessel Arrests as Bankruptcies Escalate

Rotterdam-based law firm AKD says that creditors of ailing shipping groups such as STX Pan Ocean of South Korea, and TMT of Taiwan, could seek to take advantage of prevailing bankruptcy laws to enforce vessel arrests and other attachments in the Amsterdam-Rotterdam-Antwerp (ARA) region. Haco van der Houven van Oordt, a partner with the shipping and offshore team at AKD in Rotterdam, said, “The recent reports of bankruptcies and voluntary liquidation proceedings involving shipping companies have now reached levels which exceed any in recent memory. STX Pan Ocean, South Korea’s largest dry bulk operator, has reportedly obtained bankruptcy…

18 Jun 2013

STX Shipbuilding Shares on a Roll

South Korean shares rebounded Tuesday from the prior session's fall as local institutions rushed to hunt for bargains on views that the recent decline was excessive. STX Group shares benefit from the rebound. STX group shares ended bullish on news that its shipbuilding unit was assessed to have higher value of business continuation than liquidation value, reports Xinhua. The holding company STX Corp. surged at the daily permissible limit of 15 percent, and STX Heavy Industries and STX Engine jumped 9.4 percent and 13.3 percent each. The shipping unit STX Pan Ocean, which filed for court receivership, tumbled 14.8 percent. Source: Xinhua

18 Apr 2013

Panama Canal, Vehicle Carriers Discuss Expansion Program

Canal Authority (ACP) Administrator Jorge L. Quijano

As part of the permanent dialogue with the shipping industry, a Panama Canal Authority (ACP) delegation headed by Administrator Jorge L. Quijano visited South Korea to hold discussions with the vehicle carrier market segment and obtain feedback on the future toll structure being developed by the ACP that will go in effect upon completion of the Canal Expansion Program. Canal officials met with the Korea Shipowners’ Association, Hanjin Shipping and STX Pan Ocean, Ltd. The delegation also met with several vehicle and heavy equipment companies.

02 Apr 2013

No Bidders for Korean Bulkship Owners STX

The sale of STX Pan Ocean Co. fell through as the Easter financial markets closed. No potential bidders expressed their interest in South Korea's leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender, reports Yonhap News Agency. According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean yet. Source: Yonhap News Agency

13 Feb 2013

Latest Commercial Shipbuilding Contracts

There has been a significant volume of shipbuilding business reported in the week according to Clarkson Hellas. The dry bulk fleet has seen a number of new additions this week. It was reported that SWS signed an additional order with Clients of Thenamaris for 1+1 180,000 DWT Capesize vessels, with the firm vessel lined up for delivery in 2015. Clients of Nordic Bulk Carriers placed an order for two firm 75,000 DWT Ice Class 1A bulk carriers at Oshima for delivery in 2015. Although pricing was not officially revealed, it is believed the contracts will be priced just over USD 30 Mill and include options for additional sister vessels. Oshima Shipbuilding are additionally reported to have signed a single 38,000 DWT bulk carrier for Clients of Ultrabulk with delivery in 2014.

21 Jan 2013

DNV to Cooperate with Korea Gas Corporation

DNV and Korea Gas Corporation (KOGAS), Korea’s national gas company, has entered into an agreement to cooperate on a feasibility study on the establishment of an LNG bunkering infrastructure in Korea. This is one of the largest and most comprehensive feasibility studies ever initiated in the worldwide LNG bunkering industry. Based on this agreement, DNV will qualitatively and quantitatively study the feasibility of implementing LNG bunkering in ports in the south-eastern area, Pusan, and western area, Incheon and Pyeongtaek. This project will be led by Dr. Sun Il Yoo, Senior Customer Service Manager in DNV Korea, who will be assisted by the DNV Clean Technology Centre in Singapore. KOGAS has formed consortiums with Korea’s major energy companies to carry out the feasibility study.

17 Jan 2013

Panamax Dry Bulker Delivered to STX Pan Ocean

Bulk Ship 'STX Horizon': Photo credit STX Pan Ocean

STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed, about $100 million of profit is expected from operation of 23 private vessels…

14 Jan 2013

Tidewater Takes Over STX Pan Ocean PSV Newbuild Contracts

STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway.

01 Jan 2013

STX Group Seeks 2013 Turnaround

Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track, while others counter that it will continue struggling to stay afloat due to the unfavorable business environment, reports 'The Korea Times'. The corporation has raised 1.12 trillion in cash by selling its stakes in European affiliate  STX OSV  to Italian shipbuilder Fincantieri SpA for 768 billion won and STX Energy to Japan’s Orix for 360 billion won. The group also plans to sell its stake in STX Pan Ocean, the nation's leading bulk carrier.

08 Oct 2012

Panama Canal Lock Gate Transportation Contract for Geodis Wilson

Panama Canal Lock: Photo credit ACP

As part of a US$50-million contract Geodis Wilson will manage the transport of 16 lock gates, each weighing more than 4,000 tons, for Panama Canal expansion project. An initial vessel, carrying four of the gates will depart from Italy in February 2013 and will be followed by a further three shipments throughout the year. The project is scheduled for completion in December 2013. The new gates are part of the large-scale expansion plan by the Panama Canal Authority that is designed to double the capacity of the Panama Canal by 2014.

19 Aug 2012

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. The stock was trading at S$4.25 about five minutes earlier. There was no error reported by the parties to the transactions, the exchange said. Source: Bloomberg

08 Apr 2011

Star Bulk Enters Into New Time Charter Agreements

ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue. The Star Cosmo is a Supramax vessel of 52,247 dwt built in 2005. The Company entered into a time charter agreement with STX Pan Ocean for the vessel Star Ypsilon for a period of 7-9 months, at a gross daily rate of $13,000.

11 Mar 2011

Star Bulk Enters Into a New Time Charter for the Star Gamma

Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the Company received a letter from Korea Line Corporation ("KLC"), the charterers of the Star Gamma ("the vessel'), announcing the termination of the charterparty, effective immediately. No hire has been received since the Company's public announcement on February 22, 2011 informing shareholders that KLC had commenced rehabilitation proceedings in Korea. The Company will do its utmost to secure the value of the terminated charterparty.

15 Oct 2010

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. “We are extremely honored to commemorate the one-millionth transit through the Panama Canal,” said Mr. Benítez.

16 Aug 2010

Genco Takes Delivery of Two Supramax Vessels

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has taken delivery of the Genco Pyrenees, a 2010-built Supramax vessel, and the Genco Normandy, a 2007-built Supramax vessel. The Genco Pyrenees and the Genco Normandy are the third and fourth vessels, respectively, to be delivered to the Company under Genco's agreement previously announced on June 25, 2010 to acquire 13 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA. The Genco Pyrenees is expected to be delivered to its charterer, Setaf Saget SAS, on or about August 12, 2010 to commence a time charter for 11 to 13.5 months at a rate of $19,000 per day, less a 3.75% third-party brokerage commission.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week