STX Group Seeks 2013 Turnaround

The Korea Times
Tuesday, January 01, 2013

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.

The Korea Investors Service (KIS) has downgraded its rating for corporate bonds of STX, STX Pan Ocean and STX Offshore and Shipbuilding to BBB plus from A minus. Korea Ratings also cut STX Engine to BBB plus.

Source: The Korea Times

 

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

People & Company News

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Côte D’Ivoire Invests in O&G Safety Training

Thegrowth in oil and gas activity in Côte D’Ivoire has seen investment in standardized safety training in the region far outstrip that of other hydrocarbon-rich West African countries,

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Shipbuilding

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Eastern Launches Second MPSV for Hornbeck

Eastern Shipbuilding Group, Inc. has launched the second of two 302’x76’x26’ multipurpose service vessels in the HOSMPSV 310ES series for Hornbeck Offshore Services, LLC.

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Finance

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Next Wave of FLNG Projects on the Horizon

There will be significant growth in both investment and activity in the FLNG market over the next seven years, with Douglas-Westwood (DW) forecasting total expenditure of $58.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.1615 sec (6 req/sec)