STX Targets $3b Sales in 2012 at Chinese Shipyard

Wednesday, April 04, 2007
South Korea's STX Shipbuilding Co., said that its shipyard to be built will post $3b in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. During a ground-breaking ceremony for the shipyard, Kang Duck-soo, chairman of STX Group, said its $500 million project to build the first South Korean-owned shipyard in China by the end of 2008 will help the company emerge as a global shipbuilder. STX Shipbuilding and its affiliate, STX Corp., will build the yard that constructs bulk carriers and smaller-sized chemical vessels.

So far, the shipbuilder has won $1.1 billion worth of deals to build bulk carriers and other ships here. Separately, STX Shipbuilding and its affiliate, STX Heavy Industries Co., plans to spend another $500 million to build a plant here that produces 250,000 tons of ship structures. The shipbuilder swung to a profit of 41.2 billion won last year from a loss of 6.1 billion won the previous year. Sales increased 43 percent to 1.64 trillion won.

STX Shipbuilding also aims to receive $4.5 billion worth of new orders this year, or 13 percent more than in 2006. South Korean shipyards are going abroad to lower costs and increase capacity, in order to meet rising demand for vessels. South Korean shipyards are expected to see their exports rise 18 percent to $26 billion this year on the back of continuous demand for high-end ships and other products.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Braemar Hosts Insurance Experts

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization

Hyundai Heavy Plummets to Worse Loss Ever

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its

Coast Guard

Partnerships Key to Caribbean Maritime Security

Planning and execution of port and maritime safety and security in Caribbean region is all about partnerships Maritime security and safety experts are meeting in Nassau,

USCG Suspends Search for the 2 Migrants

The Coast Guard suspended its search Wednesday at 3 p.m. for two missing Cuban migrants in the vicinity of Caesar Creek, Florida, to Haulover Inlet, Florida.

USCG Rescues 33 Cuban Migrants off Florida

The U.S. Coast Guard rescued 33 Cuban migrants from an overloaded boat taking on water off the southeast Florida coast on Wednesday, two days after 11 Cubans were

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1983 sec (5 req/sec)