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

Shipbuilding

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

HMS Prince of Wales Delivery Begins

A huge section of hull for HMS Prince of Wales, the second aircraft carrier being delivered to the Royal Navy, has today departed BAE Systems in Glasgow on a 600-mile

Coast Guard

Crew of USCG Cutter Thetis to Return today

The crew of the Coast Guard Cutter Thetis, a 270-foot medium endurance cutter based out of Key West, Florida, is scheduled to return to homeport Tuesday at 11:45 a.

Lake St. Clair Grounded Bulk Carrier: Update

The Coast Guard says it continues to monitor the response and salvage operations to the 656-foot HK-flagged bulk carrier 'Federal Rideau', hard aground in the downbound shipping channel of Lake St.

South Korean Teens: Left to Escape Sinking Ferry

Students testify no help came from crew; Coastguard rescuers were passive, only pulling passengers out. Crew in a state of panic, witness says. Six teenagers

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar 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: 0.1112 sec (9 req/sec)