STX Pan Ocean CEO Resigns, Group Shipyards to be Sold

MarineLink.com
Monday, August 05, 2013

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.

According to Yonhap, citing NICE Investor's Service, STX Group had a combined 2.86 trillion won in corporate debt to be paid out by 2015, of which 580 billion won was due this year.

In related news from Reuters
STX Offshore & Shipbuilding is considering the sale of shipyards in France, Finland and China as STX Group looks to address its mounting debt.

STX Group since last year has shed assets including a stake in STX Energy and Singapore-listed Vard Holdings Ltd, formerly STX Holdings Ltd.

Sources: 1.Yonhap 2. Reuters
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

United States Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

Shipbuilding: Mitsui Delivers Bulk Carrier

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 56,000 dwt type bulk carrier M.V. Desert Osprey (MES Hull No. 1862) at its Chiba Works

Shipbuilding

ST Marine Celebrates Naming of Vessels

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), held the Naming Ceremony today for the second Patrol Vessel (PV),

Viking Enters Ocean Cruise Industry

Viking Ocean Cruises has announced it took delivery of Viking Star, marking the company's official arrival into the ocean cruise industry.   The delivery ceremony

MSC Acquires Second Boxship

MSC Oliver was inaugurated at the DSME shipyard in Busan, South Korea, just two months after the delivery of MSC OSCAR. This week, it was the turn of Oscar’s cousin,

Finance

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

India Halts Iran oil Imports Under U.S. Pressure

Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the

News

United States Submits Formal Plan for Paris Climate Talks

The United States on Tuesday formally submitted its climate change strategy to the United Nations, outlining domestic measures it is taking to achieve up to a 28

Direct Le Havre to Charleston LCL Import Service

CaroTrans has announced the addition of an expedited Le Havre, France to Charleston LCL import service.    This is the only direct, weekly Le Havre to Charleston LCL service available in the market.

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

People in the News

DryShips to Sell its Suezmax Tanker Fleet

DryShips Inc. (NASDAQ: DRYS), has announced  that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer,

Viking Enters Ocean Cruise Industry

Viking Ocean Cruises has announced it took delivery of Viking Star, marking the company's official arrival into the ocean cruise industry.   The delivery ceremony

Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators
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: 0.2373 sec (4 req/sec)