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Stx Shipbuilding Co News

22 Jan 2018

Milaha Acquires its Largest Containership

Majd (Photo: Mike Page / Milaha)

Qatar-based maritime and logistics conglomerate Milaha said it has acquired its largest container vessel to date, Majd, a 3,768 TEU vessel. Majd was built by STX Shipbuilding Co. Ltd. in South Korea, and has a length overall of 246.87 meters and a deadweight of 44,985 metric tons. The new vessel will be one of the 17 container vessels that the group operates, and is part of the ongoing expansion of the group’s overall fleet. Milaha currently fully owns and operates a fleet of over 80 vessels…

20 Nov 2008

ABS Council Adds Members

At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.

13 Oct 2008

STX Gets $129m Order

STX Shipbuilding Co., received a contract to build two bulk carriers worth $129m from a customer in Asia. The vessels, which can each carry 81,000 metric tons of commodities, will be delivered by December 31, 2011, the Jinhae, South Korea-based company said Monday. Source:  Bloomberg

23 Sep 2008

STX Wins $105m Order

STX Shipbuilding Co., has won a $105m deal to build two product tankers. The deal with a European shipping company calls on STX Shipbuilding to deliver the vessels by May, 2011, the company said in a regulatory filing. The South Korean shipyard did not identify the buyer.  (Source: Yonhap)

08 Sep 2008

Navios Acquires Capesize New Building Vessels

Navios Maritime Holdings Inc. has entered into agreements to acquire two capesize new building vessels scheduled for delivery in 2009. Both vessels have secured long term charter-out employment. Navios has entered into agreements to purchase two capesize vessels of approximately 181,000 dwt each, to be built by STX Shipbuilding Co. Ltd. in . The vessels will cost $108.5 and $109m respectively. The first vessel is scheduled for delivery in the second quarter of 2009 and has been chartered-out for ten years commencing upon delivery at a net charter-out rate of $42,250 per day. The second vessel is scheduled for delivery in the third quarter of 2009 and has been chartered-out for seven years with three one year charterers' options.

18 Aug 2008

STX Group Sales Rise

The STX Group said it expects to meet this year's sales target of $24b, thanks to earnings from its affiliates STX Pan Ocean Co. and STX Shipbuilding Co. In the first-half of this year, STX's group-wide sales stood at 13.2 trillion won, up 87 per cent from the same period last year, reports said. Group-wide operating profit in the first half more than doubled to 880 billion won. STX is now in the process of taking over 's Aker Yards after buying a controlling stake in 's biggest shipbuilder for $800 million. Source:  Yonhap

07 Aug 2008

STX Up 15%

STX Shipbuilding Co. reported second-quarter earnings climbed 15.3 per cent from a year earlier on increased demand for high-priced ships. Net profit reached $65.2 million in the April-June period, compared with a profit of 57.4 billion won a year earlier, the company said in a regulatory filing. Sales increased 54 percent to 711 billion won over the cited period, and operating income gained 54 percent to 29.1 billion won.  (Source: Yonhap)

15 Jul 2008

STX to Set Up Subsidiary in China

STX Shipbuilding Co said Tuesday it plans to make an initial investment of 35 billion Korean Won to set up a wholly-owned subsidiary in , STX () Business, reports said. STX Shipbuilding said in a statement to regulators that STX () Business would be in charge of management and leasing of STX's facilities in . STX Shipbuilding would be the first Korean company to build a shipyard in , and the first Korean-owned overseas shipyard capable of building a whole vessel. However, Samsung Heavy and Daewoo Shipbuilding have built (or are currently building) facilities outside for ship blocks, i.e. iron structures that form a ship. STX has invested $1b in to build a shipyard comprising production facilities…

28 May 2008

STX Shipbuilding to Expand

Bloomberg reported that STX Shipbuilding Co is planning to raise capacity at its South Korean yards by 20% in 2008 after adding a second floating dock to meet demand for new vessels. Mr Kang Ssang Won senior VP of STX Shipbuilding told reporters that it would spend KRW 142.6 billion (USD 135 million) to build the new dock on the south coast the yards in Busan and Jinhae will be able to handle 60 ships as compared with 50 in 2007. (Source: http://steelguru.com)

27 Mar 2008

STX Shipbuilding Wins $594m Ship Deal

STX Shipbuilding Co., the world’s fifth-largest shipyard, said Wednesday (Mar. 26) that it has won an order valued at  $594m to build four ships, Korea.net reported. The deal with a European shipping company calls on STX Shipbuilding to deliver the very large crude carriers by November 2011, the company said in a regulatory filing. With the deal, STX Shipbuilding has won $1.9 billion worth of deals so far this year, up 36 percent from a year earlier. Shipyards in , the world’s top shipbuilding nation, have won record orders in recent years as demand has surged for vessels to transport raw materials to and goods to the rest of the world. Shares of STX Shipbuilding closed down 0.47 percent at 333,850 won on the bourse.

10 Mar 2008

STX Eyes Sales of $3.17b in 2008

Korea.net reported that STX Shipbuilding Co, is targeting $3.17b in sales in 2008. STX Shipbuilding in a regulatory filing said that it expects its operating income to reach KRW 200 billion in 2008 as compared with KRW 94.8 billion in 2007. STX Shipbuilding in 2007 saw its net profit more than quadruple as it built more high priced ships to carry chemical products and others. Shipyards in , the world’s largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to and goods to the rest of the world.

29 Jan 2008

STX Shipbuilding Wins $215m Order

STX Shipbuilding Co., said on Jan. 29 that it has won a deal valued at $215 million to build two bulk carriers. The deal from a European shipping company calls on STX Shipbuilding to deliver the vessels by June 2010, the company said in a regulatory filing. The shipbuilder won deals valued at more than $10 billion last year to build 170 vessels including bulk carriers. In 2006, STX Shipbuilding clinched shipbuilding orders valued at $4 billion.

29 Jan 2008

Hyundai Heavy Leads Shipyard Decline on Prices

Hyundai Heavy Industries Co., led a decline in South Korean shipyard stocks in Seoul trading on concern prices for new vessels may drop. Hyundai Heavy fell 5.8 percent, the biggest decline in more than a week, to close at 319,500 won in Seoul. Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy, fell 7.1 percent to 201,500 won. The shares also dropped after UBS AG said orders may slow this year from the record sales in 2007. The price for second-hand bulk carriers was as much as 61 percent more than for new vessels last year because of increased demand for iron ore and coal from China and India. Shipyards in South Korea, the world's biggest shipbuilding nation, increased their order backlog last year, even with ship prices at records.

30 Nov 2007

STX Wins $264m Tanker Order

South Korea's STX Shipbuilding Co. said it had secured a $263.9m order from the Middle East to build four petrochemical products tankers. The ship(s) would be delivered by June 20, 2011, STX said in a filing with the Korea Exchange. Source: Reuters

21 Nov 2007

STX Shipbuilding Shares Falls

STX Shipbuilding Co., the world's fifth-largest shipyard, fell the most in two months in Seoul trading after six executives at a unit were indicted for stealing technology from a rival. The shipbuilder's shares dropped 7.3 percent to 53,000 won at the close. The stock has fallen about a third since Nov. 8, the day before prosecutors detained two of the six executives. The six executives took files with them when they left Doosan Heavy Industries & Construction Co. to join STX Heavy Industries Co., said the official in charge of the case at the prosecutors' office in Seoul. STX Corp., the shipbuilder's biggest shareholder, declined 7.2 percent to 88,200 won. Doosan Heavy gained 0.7 percent to 139,000 won after falling as much as 9.1 percent. Source: Bloomberg

08 Aug 2003

Korean Shipbuilder IPO Set

STX Shipbuilding Co. had its plans for an initial public offerings (IPO) approved by the Korean Stock Exchange, according to wire reports. STX Shipbuilding has assets of 679.8 billion won ($574.1 million) and 1,460 employees. It seeks to raise up to 68 billion won ($57.26 million) by offering five million shares, the exchange said.

16 Mar 2004

Sperry Marine to Supply Navigation Systems for New Tankers

Northrop Grumman Corporation’s Sperry Marine has received orders to supply navigation and bridge systems for 12 new tankers to be built for Italian ship owners at shipyards in South Korea and China. The value of the contract was not disclosed. The ships include four 46,000 dead-weight tons (dwt) product tankers for D'Amico Soc Di Nav, six 51,000 dwt product tankers for Pietro Barbaro SpA at the STX Shipbuilding Co. in Chinhae, South Korea, and two 74,500 dwt product tankers for Fratelli D'Amato SpA at the New Century Shipbuilding Co. in Jianjiang, China. The new ships are scheduled for delivery by Northrop Grumman's Sperry Marine business unit over the next two years.

25 Oct 2007

STX Shipbuilding Gains on Stake Purchase in Aker Yards

STX Shipbuilding Co., the first South Korean yard in China, had its biggest two-day gain in more than a week in Seoul on optimism the purchase of a stake in Norway's Aker Yards ASA will add cruise liners to its range of vessels. STX Shipbuilding has more than quadrupled this year, making it the fourth-best performer in South Korea's Kospi 200 index. The stake purchase in Aker Yards will allow STX Shipbuilding to use the Norwegian company's expertise in cruise liners, which are usually more profitable to build than STX Shipbuilding's main business of mid-sized oil tankers and commodity carriers. STX Shipbuilding and STX Engine Co. said they paid $800m for a 39.2 percent stake in Aker Yards, becoming the biggest shareholders in the company.

12 Jul 2007

STX Raises Target

STX Group, of which STX Shipbuilding Co. is an affiliate, has almost doubled its ship order target to $10 billion according to a report on Bloomsberg. This news is reported on the heels of a report that Daewoo Shipbuilding’s projections for 2007 has soared nearly 55%, from $11 to $17B. The previous order target for the year for STX had been $5.3 billion. The main driver for the dramatic rise: increasing orders for high-valued ships such as large containerships and VLCCs, according to the report. (Source: Bloomberg)

05 Jul 2007

STX Shipbuilding Wins $317m Order for Six Bulk Carriers

According to Asia Pulse, South Korean shipyard STX Shipbuilding Co. has won an order $317m to build six bulk carriers for a company in the Middle East. The vessels will be delivered by April 2011. STX Shipbuilding did not identify the company's name. Source: Asia Pulse

10 Aug 2007

STX Secures $1.4b Contract

According to reports, STX Shipbuilding Co. has won a $1.4b order to build nine container ships. The deal from a European shipping company calls on the shipbuilder to deliver the vessels by November 2011, STX Shipbuilding said in a regulatory filing with the Korea Exchange. The shipbuilder has raised its sales target for the year to $10b from the previous $5.5b on increased orders for high-priced ships. Source: Business in Asia Today

14 Aug 2007

STX Shipbuilding Reports Q2 Results

South Korea's STX Shipbuilding Co. said that its second-quarter earnings increased sharply on rising orders to build ships such as oil tankers and container ships and gains from equity ties with its affiliates. Its net profit reached $62m in the April-June period. The shipbuilder also said its profit was boosted by gains from equity ties with its affiliates such as STX Pan Ocean Co. STX shipbuilding has clinched orders worth $7.2 billion so far this year. The shipyard has raised its sales target for this year to $10 billion from $5.5 billion earlier, helped by increased orders for high-priced ships. Last year, it won orders worth $4 billion. Source: Yonhap

25 Oct 2007

Seoul Shares Rise; STX Shipbuilding Surges

Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY.OL) for $800m, a move analysts said underlined its commitment to fast expansion and would bolster networks in Europe. The benchmark Korea Composite Stock Price Index (KOSPI) (.KS11) gained 2.3 percent to 1,947.98, staging a strong rebound a day after slumping 3.4 percent to its lowest close in more than a month.