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Pan Ocean

STX Pan Ocean Orders LNG Carrier

STX Pan Ocean has ordered a LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The 153,000 cubic meter vessel will be built at a cost of $215m. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8m on a 20 percent increase in sales to $2.7b. Profits had been driven by a strong growth in its core dry bulk shipping business. (Source: Channel News Asia)


Harim to Expand Pan Ocean with Grain

Firm aims to hike Pan Ocean sales to over 10 trln won in 5-6 years. South Korea's Harim Group aims to grow sales at the country's largest bulk shipper Pan Ocean Co Ltd, which it plans to acquire, seven times to more than 10 trillion won ($8.97 billion) annually within five to six years. The livestock and animal feed group plans to add a grains trading business to shipper Pan Ocean with the aim of building it into it a major dealer in the sector, Harim chairman, Kim Hong-kuk


STX Pan Ocean Wins $240m Contract

South Korean shipping firm STX Pan Ocean said it has won a shipbuilding contract worth at least $240m. The contract is for the construction of three bulk carriers, which are expected to be delivered in the second half of 2010. Source: Reuters


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


Korean Dry Bulk Carrier Share Plunge Verified

A Singapore stock exhange error was at first suspected as shares in STX Pan Ocean Co. plunged 64%. The Singapore Exchange said there was no trading error behind the recent 64 percent plunge by shares of STX Pan Ocean Co. (STX), South Korea’s biggest dry-bulk carrier, during the final few minutes of trading Saturday, reports Bloomberg. Two lots totaling 300 STX Pan Ocean shares changed hands at S$1.595 apiece at 5:04:25 p.m., according to data compiled by Bloomberg


14 South Korean Ship Owners Form Alliance

File Photo: HMM

 A group of 14 South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector, reported Yonhap.   Under the name “Korea Shipping Partnership (KSP)”, the new shipping consortium will be led by Hyundai Merchant Marine (HMM) and supported by Korea Shipowners Association (KSA).    HMM, Pan Ocean Co. and 12 other shipping companies that are mainly involved in routes in the Asian region will


Panamax Slide Should Continue

Panamax owners are unlikely to experience any relief from the current slide in earnings until March. February load freight rates have fallen further as a result of reduced enquiry, most obviously in the Atlantic, for both grain and mineral Panamax loads. Brokers expect that this situation will continue until South American grain shipments emerge in March. The noticeable absence of Japanese charterers has undermined the already weaker Panamax grain trades in the Far East


What Goes Up …

Mdeck View from Monkey Is.jpg

Global credit woes have largely had little affect on the historic shipbuilding orderbook … yet.  According to a Bloomburg report, there are signs that shipbuilding’s bull run may be coming to an end, fueled by the largest credit-market losses ever, which is starting to make attaining credit more difficult and putting in peril a number of shipbuilding orders. According to the Bloomburg report, as much as $14 billion in ship orders is threatened by cancellations and delays


Greece's Star Bulk on Ship Buying Spree

Star Bulks Star Thetis: Photo courtesy of Star Bulk

Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million.


STX Pan Ocean CEO Resigns, Group Shipyards to be Sold

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.


Jeremy Nixon is CEO of ONE Ocean Network

Photo: Mitsui O.S.K. Lines

 The management of the new company,  Ocean Network Express Holdings (ONE) -  the joint venture between three Japanese shipowning societies Kawasaki Kisen Kaisha ("K" Linens), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK) was unveiled.  


Oil Spill Response: USCG Testing Evolves

Figure 2. 100 feet by 30 feet burn pan.jpg

Coast Guard R&D Center’s JMTF is a big part of the nation’s environmental research efforts.   In 1972, the U.S. Coast Guard Research and Development Center (RDC) established the Fire and Safety Test Detachment (FSTD), which later became the Joint Maritime Test Facility (JMTF)


Crowley Supports Platform Tow-out, Installation in US Gulf

(Photo: Crowley)

Crowley Maritime Corp.’s ocean class tugboats and 455-series high-deck strength barges recently played an integral role in the tow-out and installation of Hess’ Stampede tension-leg platform (TLP) in the deep waters of the U.S. Gulf.  


IPA Opens New Container Route

Photo: Incheon Port Authority

 Incheon Port Authority (IPA) announced that a regular container route ‘Thailand-Vietnam Services (TVX)’ launched by five shipping companies – Namsung Shipping, Dongjin Shipping, Pan Continental Shipping, Pan Ocean and CK Line – was newly opened.  


Sustainable Development Goals for the Oceans

Photo:  International Maritime Organization (IMO)

 The role of the marine industry in supporting the United Nations Sustainable Development Goals was addressed at the 2016 World Ocean Council Sustainable Ocean Summit in Rotterdam, Netherlands (30 November-2 December).     International Maritime Organization (IMO)'s Theofanis


NIL Supplies GenSet for FDNY Fireboat

Photo: NIL

A marine power generation and climate control products manufacturer Northern Lights, Inc. (NLI) has  announced  completion of a 235kW Commercial Series generator set for the Fire Department of New York.   The unit – M235C13


Fibria Inks $636 mln Ship Deal with Pan Ocean

Brazil's Fibria Celulose SA , the world's largest producer of eucalyptus pulp, signed a $636 million shipping deal with South Korea's Pan Ocean Co Ltd, according to a securities filing on Friday.   The deal, approved by Fibria's board in November


G2 Ocean Given All Anti Trust Approvals

Pic: Gearbulk Ltd

 The US Department of Justice has approved the establishment of G2 Ocean.  Authorities in Poland, Germany and Brazil have already approved G2 Ocean.   This means the joint venture between Gearbulk and Grieg Star is a vital step closer to reality


Bleak Outlook for World's Oceans

Photo: National Oceanography Centre

 Global warming will disrupt four-fifths of the world's oceans by 2050 if greenhouse gas emissions keep rising, Reuter's quoted scientists as saying.   The situation is threatening fish that are the main source of food for a billion people.  


FLIR to Debut Maritime Thermal Camera Innovations

FLIR M-Series Next Generation camera (Photo: FLIR)

Providing enhanced safety, security and awareness for professional, commercial and fishing owners and operators, FLIR Systems will introduce the latest additions to its award-winning M-Series marine thermal cameras and highlight the new capabilities of its Next Generation cameras at this


UN Conference Opens, Call to Protect Oceans for Future Generations

Pic: Photo taken from UN News Centre Video

 Opening the Ocean Conference, UN officials stressed the need to protect and conserve the world's oceans for future generations. Opening a “game-changing” international conference on the health of the world’s oceans and seas


Musician Cody Simpson is 'Ocean Advocate' for UN

The United Nations Development Programme to appoint globally-acclaimed Australian singer-songwriter Cody Simpson to inaugural role during the UN’s first ever Ocean Conference. Credit: UNDP

 To mark World Oceans Day on May 8, the United Nations Development Programme (UNDP)   named Australian musician Cody Simpson as its first-ever Ocean Advocate to help raise awareness of the crucial role the ocean plays in the health of the planet and people. 


UN Chief Calls Joint Global Action for Healthy Ocean

A school of Moorish Idols cruise over the coral reef, Ha’apai, Tonga. Photo: UNEP GRID Arendal/Glenn Edney

 The future of the planet’s oceans is burdened by threats such as climate change, pollution and destructive fishing practices – and the lack of capacities to address these threats – United Nations Secretary-General António Guterres has said


UN Push for Universal Agreement to Reverse Ocean Deterioration

Severed head of a Greco-Roman sculpture lying on sea floor for many centuries off Alexandria coast, one of the findings during UNIC Cairo’s sea cleaning activities. Photo: UN News Service

 The 193 Member States of the United Nations unanimously agreed to a set of measures that will begin the reversal of the decline of the ocean’s health as the five-day Ocean Conference concluded this afternoon. The outcome document, together with more than 1,300 commitments to action


Crown Princess Victoria of Sweden Calls for Saving Ocean

Crown Princess Victoria of Sweden. Photo: UN News Service

 “Do what you can, do it wisely, and most importantly do it now. A healthy ocean is not a luxury item. It is a necessity for survival. And taking care of the ocean means taking care of ourselves,” Crown Princess Victoria of Sweden said. 






 
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