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Stx Group News

13 Jun 2015

Harim Acquires Pan Ocean

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. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court, following the agreement of more than two thirds of unsecured claims creditors (87.0%) and more than half of shareholders (61.6%), the bulker owner said in a stock exchange filing.

19 Mar 2015

Harim to Expand Pan Ocean with Grain

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. The livestock and animal feed group plans to add a grains trading business to shipper Pan Ocean with the aim of building it into it a major dealer in the sector, Harim chairman, Kim Hong-kuk, told Reuters on Thursday. "Those who had previously owned Pan Ocean did only shipping, but we will add grain trading," Kim said during an interview in his office in Seongnam, south of Seoul. "We have done lots of business in livestock sectors requiring grains as raw materials.

01 Jul 2014

China's STX Dalian Shipbuilding Affiliates in Bankruptcy

Six affiliated companies of STX Dalian Shipbuilding, China's largest wholly foreign-funded shipbuilding company, are to start bankruptcy reorganization procedures, reports Xinhua, citing a court statement in Dalian City in northeast China's Liaoning Province. STX Dalian Shipbuilding is the Chinese unit of STX Group, one of the world's top five enterprises in the shipbuilding industry. The court indicated to Xinhua that, due to their inability to pay off their debts before the due date, the companies had filed a bankruptcy reorganization plan with the court. Bankruptcy reorganization aims to help companies that are facing bankruptcy but still have value and hope to reemerge. Xinhau adds that the policy has been adopted by many countries.

20 Feb 2014

STX Offshore & Shipbuilding to Get Increased Bale-Out

Shipyard photo credit STX

Creditors have decided to provide additional liquidity to the shipbuilding unit of ailing STX Group in a move to help it overcome a cash crunch, reports Yonhap News Agency. Citing officials at the main creditors, Korea Development Bank, Yonhap say that more than 75 percent of other creditors approved the rescue measures including 1.8 trillion won (US$1.69 billion) in liquidity supply for STX Offshore & Shipbuilding. The rescue measures also include a debt-to-equity swap worth around 1.3 trillion won.

23 Jan 2014

China Arbitration Court Orders Korea's STX to Pay Debt

STX logo

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 Commission after the Chinese unit failed to service the principle and interest.

05 Aug 2013

STX Pan Ocean CEO Resigns, Group Shipyards to be Sold

STX Pan Ocean Co., the country's leading bulk carrier, said that CEO Kang Duck-soo (who is also chairman of the STX Group) has resigned as the shipper has been under court receivership since June amid a deepening liquidity crisis, reports Yonhap. The cash-strapped STX Group, South Korea's 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors. Creditors have pumped liquidity into ailing STX Group in return for overhaul efforts. STX Group's holding company STX Corp. and its three ailing units -- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine -- have requested that creditor banks supply liquidity.

24 Jun 2013

Finnish Shipbuilding and Arctic Operations

The first of two Arctic offshore supply vessels for Russia’s SCF Group was recently delivered by Arctech Helsinki Shipyard

The STX Turku Shipyard in Finland recently lost the order for a third Oasis class cruise ship and an option for a fourth to ”sister” shipyard STX France, when neither the owner, the financially troubled STX Group, nor the Finnish government wanted to inject a missing $64.3m to the capital of the shipyard. The yard is currently building two 97,000gt cruise ships for TUI Cruises. In January the shipyard delivered the world’s first LNG-fuelled big size passenger-car ferry, the Viking Grace for Baltic ferry operator Viking Line.

18 Jun 2013

STX Shipbuilding Shares on a Roll

South Korean shares rebounded Tuesday from the prior session's fall as local institutions rushed to hunt for bargains on views that the recent decline was excessive. STX Group shares benefit from the rebound. STX group shares ended bullish on news that its shipbuilding unit was assessed to have higher value of business continuation than liquidation value, reports Xinhua. The holding company STX Corp. surged at the daily permissible limit of 15 percent, and STX Heavy Industries and STX Engine jumped 9.4 percent and 13.3 percent each. The shipping unit STX Pan Ocean, which filed for court receivership, tumbled 14.8 percent. Source: Xinhua

05 May 2013

Ailing Korean Shipbuilders to Get Huge Cash Injection

Creditors are expected to inject 800-billion Won (US$ 730-million) into STX Group during 2013, according to Yonhap News Agency. Creditors of STX Group will likely pump at least 800 billion won (US$730 million) into the troubled shipbuilding conglomerate in a bid to keep it afloat, an unnamed source has informed Yonhap News Agency.  STX Group's troubled holding company, STX Corp., and two affiliates requested main creditor Korea Development Bank to supply liquidity in return for its voluntary debt-relief and restructuring efforts. Source: Yonhap News Agency

25 Apr 2013

Korea's STX Offshore Gets Emergency Loans

Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans. The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency. STX Offshore, the shipbuilding unit of STX Group, a South Korean shipping and shipbuilding conglomerate, has been suffering a credit crunch as demand for new ships has fallen sharply in the past few years. Source: Yonhap News Agency

27 Mar 2013

China Firm Obtains MHI Deck Crane License

Principals at license signing ceremony: Photo credit MHI

Mitsubishi Heavy Industries, Ltd. (MHI) signs an agreement allowing STX Construction (Dalian) to produce & market marine deck cranes. Through licensing to this company member of the STX group, which has shipyards in Korea, China and Europe, MHI aims to accelerate global market penetration of its technology-based marine deck cranes. The deck cranes to be licensed are two models, currently on the market, having a 30-ton hoisting capacity and a working radius of up to 26 and 28 meters, respectively.

01 Jan 2013

STX Group Seeks 2013 Turnaround

Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track, while others counter that it will continue struggling to stay afloat due to the unfavorable business environment, reports 'The Korea Times'. The corporation has raised 1.12 trillion in cash by selling its stakes in European affiliate  STX OSV  to Italian shipbuilder Fincantieri SpA for 768 billion won and STX Energy to Japan’s Orix for 360 billion won. The group also plans to sell its stake in STX Pan Ocean, the nation's leading bulk carrier.

11 Apr 2012

Fincantieri Said to Bid for STX OSV Stake

Fincantieri SpA, the Italian state-controlled shipbuilder, is among final bidders for a stake in STX OSV Holdings Ltd., the world’s largest maker of offshore support vessels, said two people with knowledge of the matter. An investment fund also made an offer, one person said, declining to identify the bidder. South Korea’s STX Group, which is seeking to sell its 51 percent stake in Singapore-listed STX OSV, may conclude a deal next month, the person said, asking not to be identified because the process is confidential. STX Group’s stake is worth $809 million based on yesterday’s closing price, according to data compiled by Bloomberg. Singapore’s takeover guidelines require any buyer of more than 30 percent of a publicly-traded company to make an offer for the rest of the stock.

20 Dec 2011

Wind Power Deal for Rauma

On December 20, 2011, STX Finland Oy and VentusVis Oy signed a letter of intent, the purpose of which is to develop wind park for the city of Rauma on Finland’s west coast. The goal is to get building permissions for three wind turbines within the UPM Rauma mill site and one within the area of the STX Rauma Shipyard. VentusVis Oy is a company which develops land assets owned by UPM suitable for wind power investments and STX Finland Oy offers construction, user, maintenance and lifecycle services for wind parks. VentusVis Oy is a joint venture between UPM-Kymmene Oyj and TuuliSaimaa Oy. It aims to convert land assets owned by UPM suitable for wind power production. STX Finland Oy’s long-term goal is to develop into a turnkey deliverer of offshore wind parks in particular.

29 Nov 2011

MHI to License MET Turbocharger Production To STX Metal

(Photo: Mitsubishi Heavy Industries )

Mitsubishi Heavy Industries, Ltd. (MHI) and STX Metal Co., Ltd., a marine diesel engine manufacturer in Korea, have signed an agreement under which MHI will license production and marketing of its MET Turbocharger*, a supercharger for marine diesel engines, to the Korean firm. By establishing a collaborative relationship with STX Metal, MHI aims for further market penetration of the MET Turbocharger in Korea, the world leader in marine diesel engine production. STX Metal is expected to complete production of the first unit of the MET Turbocharger in 2012.

15 Aug 2011

STX Finland, STX Windpower Collaborate on Windpark Supply

STX Finland and STX Windpower are  starting a joint collaboration on turnkey windpark supply in Northern Europe, focusing on offshore sites in the Northern Baltic Sea region and onshore sites in Finland, Sweden and the Baltic states. A Letter of Intent was recently signed by both companies stating that STX Windpower B.V. supplies direct drive turbines and STX Finland completes the project on an EPCI basis. In addition to turnkey windpark supply, the joint offering also includes complete lifecycle support, including operations, maintenance, spare parts supply, retrofits, refurbishments and decommissioning. The collaboration also looks…

20 Jun 2011

STX Group $1B Deal with Russian Shipyard

According to a report from the AFP, South Korean shipbuilding and shipping conglomerate the STX Group said Monday it has signed an initial deal to build a $1 billion shipyard in Russia.   Source: AFP

26 Apr 2011

STX Group’s Plan to Sell 20% Stake in STX OSV

In response to the various media articles relating to the STX Group’s plan to sell a 20 percent stake in STX OSV Holdings Limited ("STX OSV"), the Board of STX OSV understands after clarification with STX Europe Holding AS (“STX Europe”), that STX Europe is continually exploring opportunities in relation to any strategic option of its interests in its subsidiaries including, STX OSV. The Board of STX OSV further notes that STX Europe is subject to and understands that STX Europe will comply with a lock-up period for its interest in STX OSV which ends 12 months from 12 November 2010…

03 Mar 2011

Palfinger Crane Onboard Allure of the Seas

Photo courtesy PALFINGER AG

The Allure of the Seas is the second and latest ship in the Oasis class. On 16 decks it has space for more than 5,400 passengers and 2,100 crew. A Palfinger PK 150002 marine crane is used for transporting and planting trees onboard the ocean giant. The American shipping company Royal Caribbean Cruises and the South Korean STX Group signed the contract for the construction of the sister ship to the Oasis of the Seas in 2007. The Allure of the Seas was officially handed over to Royal Caribbean Cruises last November. With a length of 1,184 ft it is the world’s biggest cruise vessel.

22 Jun 2009

L-3 Offshore, STX Engine Team Up

L-3 Offshore of Coventry, UK, has signed a teaming agreement with STX Engine, the subsidiary of South Korea’s STX Group, under which the two organizations are to collaborate in the marketing and supply of integrated power, electric propulsion, dynamic positioning and automation systems for the Korean offshore market as well as other STX Group concerns. The agreement, recently signed in Seoul by Dong-Hak Chung, President and CEO of STX Engine and Klaus Lorenz, Vice-President European Operations of L-3’s Marine & Power Systems Group…

11 Mar 2009

STX, Schottel to Produce Propulsion Systems

Prof. Dr.-Ing. Gerhard Jensen (CEO of Schottel) and Kang-Sik Rhee (President and CEO of STX Heavy Industries) after signing the agreement.

The South Korean company STX Heavy Industries Co., Ltd. and Schottel will be cooperating in the area of large rudder propeller systems for underwater installation, as used on drilling rigs, for example. Within the framework of a corresponding licence agreement, STX will manufacture rudder propellers covering a power range from 2000 to 5800 kW, while Schottel will supply the core components for these systems in the form of the L gearbox. The first STX-Schottel Rudder propellers are due for delivery in the second half of 2010.

27 Feb 2009

S.Korea STX Sees Orders Resuming in 2nd Half

According to a Feb. 26 report from Reuters, South Korea's STX Group, which runs the world's No. 4 shipbuilder and No. 5 dry bulk carrier, said new ship orders could resume in the second half when financing difficulties ease. Its shipmaking arm, STX Shipbuilding, is aiming to boost new orders for offshore vessels and plants by 80 percent this year to $1.8b, Vice Chairman Lee Jong-chul told reporters. (Source: Reuters)

08 Sep 2008

Aker Yards Names New COO

Aker Yards has appointed Sang-Ho Shin as Chief Operating Officer (COO).   Shin comes from a position as vice president of STX Shipbuilding in , where he has been chief for the Jinhae shipyard. Sang-Ho Shin has held several senior management positions within the STX group since 1980, and has a university education within industrial strategy and mechanical engineering.  Aker Yards, Mr. Shin will focus on production efficiency, procurement, logistics, knowledge transfer, technology & innovation.