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STX Shipbuilding Reports Q2 Results

South Korea's STX Shipbuilding Co. said that its second-quarter earnings increased sharply on rising orders to build ships such as oil tankers and container ships and gains from equity ties with its affiliates. Its net profit reached $62m in the April-June period. The shipbuilder also said its profit was boosted by gains from equity ties with its affiliates such as STX Pan Ocean Co. STX shipbuilding has clinched orders worth $7.2 billion so far this year. The shipyard has raised its sales target for this year to $10 billion from $5.5 billion earlier, helped by increased orders for high-priced ships. Last year, it won orders worth $4 billion. Source: Yonhap

Harim Acquires Pan Ocean

Photo: 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.  

Guilty Plea to Marine Pollution Related Charges

STX Pan Ocean Co. Ltd. (STX), headquartered in Seoul, Korea, and the owner of the commercial cargo ship, M/V Ocean Jade, pleaded guilty today to conspiracy as well as falsifying and failing to properly maintain records meant to ensure compliance with maritime pollution laws, the Justice Department announced. The chief engineer of the M/V Ocean Jade, Hong Hak Kang, a Korean citizen, also pleaded guilty today to failing to maintain environmental records and making false statements.

Global Dry Bulk Carrier Newbuilding Orders on the Rise

Photo in public domain

Significant volumes of dry bulk carrier orders, most of them for Chinese shipyards, are reported by Clarkson Hellas in their latest S&P Weekly Bulletin, as follows: 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

STX Shipbuilding Gets $266.7M Ship Order

South Korea's STX Shipbuilding Co. (067250.SE) said Wednesday that it received a $266.7M order to build six petrochemical product carriers. An STX spokesman said the South Korean shipbuilder won the order from a Hong Kong-based company, but declined to identify the company. STX will deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009, the company said.

STX Shipbuilding Wins $215m Order

STX Shipbuilding Co., said on Jan. 29 that it has won a deal valued at $215 million to build two bulk carriers. The deal from a European shipping company calls on STX Shipbuilding to deliver the vessels by June 2010, the company said in a regulatory filing. The shipbuilder won deals valued at more than $10 billion last year to build 170 vessels including bulk carriers. In 2006, STX Shipbuilding clinched shipbuilding orders valued at $4 billion.

France Buys into STX Europe

The French Republic became a 33.34 percent shareholder in STX France and its shipyards in Saint-Nazaire and Lorient.  STX Europe is a builder of cruise ships and ferries, with a market share of 35 - 40 percent. The company builds cruise ships at its yards in France and Finland. The French yards also have experience with navy vessels. Other shipyards in STX Europe are build specialized offshore vessels.  The new agreement between STX Europe and the French Republic is a realization of

China Arbitration Court Orders Korea's STX to Pay Debt

STX logo

Troubled South Korea shipbuilder STX Heavy Industries Co. issued a guarantee on a loan defaulted on by its Chinese heavy machinery manufacturer, STX Dalian Heavy Industries Co., from China's Bank of Communications and has been ordered to repay the loan, reports Yonhap. Unlisted STX Dalian Heavy Industries is a wholly owned subsidiary of STX Heavy Industries and has been ordered to repay the 60.9 billion won (US$56.8 million) loan by the China International Economic and Trade Arbitration

STX Shipbuilding wins $373m Order from India

The STX Shipbuilding Co., South Korea's seventh-largest shipbuilder, has won a $373m order to build six petrochemical goods carriers for a shipping company in India. The order, which accounts for 30.7 per cent of STX Shipbuilding's sales last year, calls for the Korean shipbuilder to deliver the six vessels to India's Shipping Corp. by July 2010, the company said in a statement. Source: ANTARA

STX Shipbuilding Wins Tanker Order

South Korea's STX Shipbuilding Co. has received an order to build two crude oil tankers for $138.2m for a Greece-based company. The order calls for STX Shipbuilding to deliver the two vessels to Liquimar Tankers Management Inc. by July 2009, the company said in a regulatory filing.

DCNS Mulls Buying Stake in STX France

Photo: STX France

The head of the French state-controlled naval defence group DCNS said on Wednesday it was "closely studying" a possible stake purchase in STX France, a shipyard subsidiary of the struggling South Korean conglomerate STX Corp.  

Korean Register CEO Park Passed Away

Dr. B. S. Park ( Photo: Korean Register)

Dr. B. S. Park, Korean Register Chairman and CEO, has passed away after a short illness.   Dr. Park graduated from Korea Maritime and Ocean University in 1976 and joined Pan Ocean Shipping where he worked in a number of capacities until 2001

France Mulls Majority Stake in STX Yard

France could take a majority stake in the French subsidiary of struggling South Korean shipyard group STX Corp, French daily Liberation said on Monday, citing unnamed sources at the finance ministry. The French state holds a 33 percent minority stake in STX France

Coast Guard Sets Port Condition Whiskey in NC

Image: National Hurricane Center

The U.S. Coast Guard is urging mariners and members of the maritime community across North Carolina to prepare for Hurricane Matthew as Condition Whiskey is set for North Carolina Waterways.   The Captain of the Port (COTP) has set Condition Whiskey for all waterways in the North Carolina

Navig8 Cancels Five Newbuildings at STX

Courtesy Navig8

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017. Contracts ordering the cancelled vessels were previously announced

Helicopter Carrier Delivered to the Egyptian Navy

LHD Anwar El Sadat (Photo: DCNS)

French industrial group DCNS has delivered LHD (Landing Helicopter Dock) Anwar El Sadat, the second of two helicopter carriers acquired by the Arab Republic of Egypt.   The flag transfer ceremony took place September 16, 2016 in the presence of the two Chiefs of Staff of the Egyptian and


(Image: NABRICO)

The Company: From the design of barge accessories and deck fittings to the day-to-day commitment to customer service, NABRICO is one of the most highly respected names in the water transportation industry. NABRICO started building bridges in 1902 and built its first piece of floating equipment

Shipbuilding Giants Bid for STX France

Photo: STX Offshore & Shipbuilding

 Italian shipbuilding giant Fincantieri SpA and Dutch counterpart Damen Shipyards Group are in the running to buy STX France, which has been put on the block by Korean debt-ridden parent STX Offshore & Shipbuilding Co, reports WSJ.  

Damen, Fincantieri Potential STX France Buyers

Photo: STX France

Dutch group Damen shipyards and Italian group Fincantieri are the two potential buyers that have emerged for STX France, a shipyard subsidiary of the struggling South Korean group STX Corp, French daily Le Monde said on Thursday.   "Two foreign candidates

Two Buyers Eye Struggling STX France Shipyard

(Photo: STX France)

Two potential buyers have emerged for STX France, a shipyard subsidiary of the struggling South Korean group STX Corp, according to a French finance ministry source.   The French state holds a 33 percent minority stake in STX France, which runs a naval shipyards in Saint Nazaire on the west

Coast Guard Sets Port Condition X-Ray in NC Waters

Image: NOAA

The Captain of the Port (COTP) North Carolina has set Port Condition X-Ray for all navigable waterways in the North Carolina COTP Zone in preparation for the anticipated weather impact of Tropical Storm Hermine, the U.S. Coast Guard announced.  

STX to Slash Jobs, Sell Yard

Photo by STX Offshore & Shipbuilding Co., Ltd

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.   The country's fourth largest shipyard filed for receivership in May

STX Heavy Under Rehabilitation Process

Photo: Pan Ocean

 The Seoul Central District Court begins  a rehabilitation process for STX Heavy Industries Co, after the financially strapped company applied for protection late last month, reports Yonhap.   STX Heavy Industries is the latest victim in South Korea's faltering maritime industry

Navig8 Acquires Chemical Tanker from STX

Photo Navig8

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker

Harmony of the Seas Equipped with PALFINGER Crane

Harmony of the Seas (Photo: PALFINGER MARINE)

The world’s largest cruise ship, Harmony of the Seas, is equipped with a PALFINGER MARINE foldable knuckle boom crane. A follow-up order for an identical crane and cruise ship is already received.   The vessels was built at STX in St

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