Stx Panocean Co News

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.

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…

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

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.