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Stx Panocean News

14 Jan 2013

COA Appoints STX Panocean's Kwon to BoD

The Container Owners Association – the international organization representing container shipping lines and container leasing companies worldwide – has appointed Mr O I Kwon, Senior Vice President – Container Business Management Division, STX Panocean Co Ltd, to its Board of Directors. Mr Kwon joins six other Directors, who represent some of the world’s largest container owners, on the Board of the Container Owners Association. “It is a great honour – both for me personally, and for my company STX Panocean - to join the COA Board,” Mr Kwon says. “This position carries considerable responsibility and I will do my best to promote the COA in Asia and to support the wide range of initiatives that the COA is working on.

13 Jan 2013

COA Appoint Panocean V-P to Board

The Container Owners Association (COA) appoints O. I. Kwon, Senior V-P, Container Business Management Division, STX Panocean, to its Board. The Container Owners Association (COA) was established in November 2004 as an international organisation representing the common interests of all owners of freight containers, worldwide. It has over 165 Members, including container shipping lines, leasing companies, intermodal operators and suppliers of a wide range of container equipment and services. Mr Kwon joins six other Directors, who represent some of the world’s largest container owners, on the Board of the Container Owners Association. "“It is a great honour – both for me personally, and for my company STX Panocean - to join the COA Board,”" Mr Kwon said.

04 May 2012

Diana Shipping Q1 Results, Panamax Bulk Ship Delivery

Diana Bulkship: Photo credit Diana Shipping

Diana Shipping inc. Diana Shipping Inc. specializing in the ownership and operation of dry bulk vessels, today reported net income of $20.0 million for the first quarter of 2012, compared to net income of $33.1 million reported in the first quarter of 2011. Time charter revenues were $57.6 million for the first quarter of 2012, compared to $69.4 million for the same period of 2011, mainly due to reduced time charter rates. A decrease in time charter revenues was partly offset…

23 Mar 2012

CMB Acquires Dry Bulk Asset

The Board of Directors of CMB met pursuant to the provisions of the Belgian Code of Companies relating to the existence of conflicts of interest and authorized the company to acquire the dry bulk assets of Delphis on the basis of current market values. Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders. The acquisition will include a 50% participating interest in the joint venture company Ocean Capes Limited, owner of the capesize vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) and Bulk Canada (2012-179.397 dwt). The remaining 50% will be held by the joint venture partner Boxlog. The Lake Dolphin and the Bulk Canada are on bareboat charter to CMB and Boxlog, respectively.

04 May 2010

Genco Shipping & Trading Q1 2010 Results

Genco Shipping & Trading Limited (NYSE:GNK) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010 and March 31, 2009. --  Genco Claudius, a 2010 built Capesize vessel, with Cargill International S.A. --  Genco Augustus, a 2007 built Capesize vessel, with Cargill International S.A. --  Genco Knight, a 1999 built Panamax vessel, with Swissmarine Services S.A. --  Genco Vigour, a 1999 built Panamax vessel, with Global Maritime Investments Ltd. --  Genco Hunter, a 2007 built Supramax vessel, with Pacific Basin Chartering Ltd. --  Genco Predator, a 2005 built Supramax vessel, with Pacific Basin Chartering Ltd.

29 Mar 2010

Star Bulk Capesize Newbuilding Contract

Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that it has signed a contract with ship builder Hanjin to build a Capesize vessel of 180,000 deadweight tons, at a price of $53.5m with expected delivery in September 2011. The company has also entered into a ten year time charter agreement for the vessel with STX Panocean at a gross daily hire of $24,750. Star Bulk has also received offers for debt financing of up to 70% of the vessel's price at favorable financing cost/terms and expects to complete the financing within the second quarter of 2010. The company has not yet decided the ratio of Company cash to senior debt that it will utilize in this acquisition.

02 Feb 2009

Woo New CFO at STX Europe

Ole Heggheim, Chief Financial Officer and executive vice president of STX Europe, has decided to resign from his position. Byung-Ryun Woo has been appointed as new CFO, and Hans-Jørgen Wibstad has been appointed as senior vice president for Performance, Budget and Control. Byung-Ryun Woo comes from the position as CFO with STX Panocean in South Korea. Hans Jørgen Wibstad comes from the position as managing director for DFDS Lys Line AS.  He has held several CFO and management positions within shipping, offshore and banking. (www.stxeurope.com)

03 Jul 2007

STX Reports Rise in Orders

STX Group said its affiliate STX Shipbuilding Co. has won orders valued at $4.7b in the first half of the year, compared with $1.7ba year earlier. The shipbuilding orders it has received so far are roughly 85 per cent of its annual target of $5.5 billion, it said. In June alone, STX Shipbuilding, the world's seventh-largest shipbuilder, clinched orders valued at $1.1 billion. STX Group has four major subsidiaries -- STX PanOcean Co., STX Shipbuilding Co., STX Engine Co. and STX Energy Co. The group is building another shipyard in China to lower costs and increase capacity to meet rising demand for vessels. The Chinese shipyard is expected to post $3b in sales in 2012, similar to that of its shipyard in Jinhae, South Korea. Source: Asia Pulse

13 Mar 2007

Genco Shipping to Sign Time Charter for the Genco Vigour

Genco Shipping & Trading Limited announced it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with STX Panocean (UK) Co. Ltd. The time charter will be for 23 to 25 months at an average rate of approximately $29,000(1) per day, less a 5% third party brokerage commission. Specifically, the time charter rate will be $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter. The time charter will commence following the expiration of the vessel's current time charter.

12 Jan 2007

Genco to Sign Charters for Panamax Vessels

Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Acheron, a 1999-built Panamax vessel, with STX Panocean Co. Ltd. The time charter would be for eleven to thirteen months at a rate of $30,000 per day, less a 5% third party brokerage commission. The company also announced it has reached an agreement in principle to commence a time charter for the Genco Leader, a 1999-built Panamax vessel, with AS Klaveness Chartering for twenty-three to twenty-five months at a net rate of $25,650 per day, equivalent to a gross rate of approximately $27,000. Since February of 2006, the vessel traded in the Baumarine Pool, a spot pool of approximately 80 vessels.

05 May 2006

STX Engine Builds New Dual-Fuel Series

The MAN B&W Diesel Group has extended their existing, over 20-year license agreement with Korean licensee STX Engine. Within Korea, STX is now also licensed to build the new MAN B&W Diesel dual-fuel engine: the 51/60DF. The 51/60DF engine model is particularly suitable as propulsion for LNG (liquid natural gas) tankers. The Korean group STX, which has been a licence partner of the MAN B&W Diesel Group since 1984, is involved in the LNG sector with its own shipping company STX PanOcean and builds its own LNG tankers in the STX Shipyard. New propulsion concepts for this type of carrier are planning with dual-fuel engines, for which STX is bringing their own competence into the company with the new license agreement.