STX Shipbuilding Gains on Stake Purchase in Aker Yards

Thursday, October 25, 2007
STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners, which are usually more profitable to build than STX Shipbuilding's main business of mid-sized oil tankers and commodity carriers. STX Shipbuilding and STX Engine Co. said they paid $800m for a 39.2 percent stake in Aker Yards, becoming the biggest shareholders in the company. Hyundai Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., the world's three- biggest shipyards, have been trying to move into building cruise liners to fend off competition from Chinese yards, which aim to double production by 2015 to overtake South Korea as the world's biggest shipbuilding nation. Orders for cruise liners reach $13b annually, accounting for more than 12 percent of the global ship market, according to Samsung Heavy. A total of $124.4b was invested in new vessels last year, according to London-based Clarkson Plc, the world's biggest shipbroker. South Korea's government has said it wants to encourage companies to boost technology to make vessels that yield higher value, including cruise ships. [Source: Bloomberg]
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Singapore Delegation Visits ACE Winches

ACE Winches hosted a delegation from SPRING Singapore to its Towie Barclay Works facility for a visit to share an overview of its products and services, including

Ukraine Sees Smaller Maize Exports to China

Ukrainian maize exports to China under a $1.5 billion loan-for-grains deal could be significantly below an expected 2 million tonnes this year, as Beijing appears to want less of the commodity,

Sea Truck's DP3 Construction Ship Passes Sea Trials

Sea Trucks has completed sea trials of the DP3 offshore construction vessel Jascon 18 in Singapore. Jascon 18 features a 1,800-metric-ton crane, 1,800 sq m deck and a 750-metric-ton pipelay system.

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics 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: 0.1465 sec (7 req/sec)