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
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.
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.
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 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.
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.
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
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
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.
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
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)
Ballast water treatment (BWT) supplier OceanSaver said it has been contracted to deliver BWTsystems for two VLCCs to a European owner, currently being constructed by STX Offshore & Shipbuilding in South Korea. The contract’s value is undisclosed.
PONANT Yacht Cruises & Expeditions has appointed GAC UK as its agent for all United Kingdom and Ireland port calls in 2016. PONANT’s 142m and 132 cabin megayachts Le Boréal and L’Austral will cruise around the British Isles and Ireland, including the Scilly Isles
South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) has won an order for up to eight LR1 tankers with a total value of $ 375 million. The contract provides for the construction of four oil tankers of 74,000 tons plus the ability to build four additional ships
Shipowner Navig8 is progressing the application of Interline9001, a advanced cargo tank coating from AkzoNobel’s International marine product range, on a series of 18 chemical tankers currently under construction at Hyundai Mipo Dockyard, South Korea
A good order book and need for higher capacity in the dock were the basis for STX France to purchase more welding automation for its shipyard’s panel welding. STX France decided to turn to Pemamek after a competitive offering round
South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a
Germany's family-owned Meyer Werft shipyard is buying the Finnish state out of Turku shipyard in southwestern Finland, the government said on Wednesday. Meyer Werft and the government last year bought the troubled shipyard from Korean trade and ship corporation STX
Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the
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.
Aiming to boost its operations in the Asia-Pacific territory, control instrumentation and electrical engineering specialist CMR Group has invested in a new Korea office. CMR Group Korea has opened in Busan under managing director Brian Kim who will be leading the company’s operation
Royal Caribbean Cruises Ltd. announced that it has entered into an agreement to sell its cruise ship Splendour of the Seas to TUI Cruises in the second quarter of 2016. The ship will then be leased to Thomson Cruises, which will operate the vessel.
Gail India Ltd has scrapped a tender that would have led to the construction of three massive liquefied natural gas (LNG) carriers at Indian shipyards. After postponing tender deadline thrice and also one year later, state-owned gas utility GAIL India Ltd has not found any
Hafnia Tankers Ltd have entered into an agreement to acquire 4 LR1 product tankers. This acquisition confirms the commitment of Hafnia Tankers and its stakeholders to further expand the business within the product tanker segment. The vessels are:
STX France SA has awarded a contract to MacGregor for the delivery of cargo and passenger access equipment for two cruise ships. MacGregor said its turnkey delivery includes the design, production, delivery, installation and commissioning of tailor-made systems that include MacGregor doors