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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Royal Caribbean Orders 3 STX Vessels

After delivery to its satisfaction the ship Harmony of the Seas on May 12 in Saint-Nazaire, the American group Royal Caribbean Cruises Ltd. signed an order for three additional vessels,

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

Coast Guard

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

Grounded Bulker Repaired, Heads for Japan

The Captain of the Port for Oregon and southern Washington canceled the captain of the port order on the motor vessel Sparna allowing the vessel to leave its mooring at Kalama, Wash.

Towing Vessel Inspection Bureau Elects New Leaders

Towing Vessel Inspection Bureau Holds Annual Membership Meeting; Elects New Leadership and Votes to Proceed with a Third Party Organization Application to the Coast

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0874 sec (11 req/sec)