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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


Harim Acquires Pan Ocean

Photo: Pan Ocean

 South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier.   Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December.  The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month.  


Guilty Plea to Marine Pollution Related Charges

STX Pan Ocean Co. Ltd. (STX), headquartered in Seoul, Korea, and the owner of the commercial cargo ship, M/V Ocean Jade, pleaded guilty today to conspiracy as well as falsifying and failing to properly maintain records meant to ensure compliance with maritime pollution laws, the Justice Department announced. The chief engineer of the M/V Ocean Jade, Hong Hak Kang, a Korean citizen, also pleaded guilty today to failing to maintain environmental records and making false statements.


Global Dry Bulk Carrier Newbuilding Orders on the Rise

Photo in public domain

Significant volumes of dry bulk carrier orders, most of them for Chinese shipyards, are reported by Clarkson Hellas in their latest S&P Weekly Bulletin, as follows: Starting with the large sizes in dry, Oldendorff Carriers are reported to have declared the sixth in a series of 207,000 DWT Newcastlemax at HHI, with delivery in the second quarter of 2015. Clarkson Hellas report that at Hanjin Subic, STX Pan Ocean have contracted two firm 150,000 DWT Capesize


STX Shipbuilding Gets $266.7M Ship Order

South Korea's STX Shipbuilding Co. (067250.SE) said Wednesday that it received a $266.7M order to build six petrochemical product carriers. An STX spokesman said the South Korean shipbuilder won the order from a Hong Kong-based company, but declined to identify the company. STX will deliver the tankers - which will have the capacity to load 51,000 tons of petrochemical products - by Sept. 2009, the company said.


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.


France Buys into STX Europe

The French Republic became a 33.34 percent shareholder in STX France and its shipyards in Saint-Nazaire and Lorient.  STX Europe is a builder of cruise ships and ferries, with a market share of 35 - 40 percent. The company builds cruise ships at its yards in France and Finland. The French yards also have experience with navy vessels. Other shipyards in STX Europe are build specialized offshore vessels.  The new agreement between STX Europe and the French Republic is a realization of


China Arbitration Court Orders Korea's STX to Pay Debt

STX logo

Troubled South Korea shipbuilder STX Heavy Industries Co. issued a guarantee on a loan defaulted on by its Chinese heavy machinery manufacturer, STX Dalian Heavy Industries Co., from China's Bank of Communications and has been ordered to repay the loan, reports Yonhap. Unlisted STX Dalian Heavy Industries is a wholly owned subsidiary of STX Heavy Industries and has been ordered to repay the 60.9 billion won (US$56.8 million) loan by the China International Economic and Trade Arbitration


STX Shipbuilding wins $373m Order from India

The STX Shipbuilding Co., South Korea's seventh-largest shipbuilder, has won a $373m order to build six petrochemical goods carriers for a shipping company in India. The order, which accounts for 30.7 per cent of STX Shipbuilding's sales last year, calls for the Korean shipbuilder to deliver the six vessels to India's Shipping Corp. by July 2010, the company said in a statement. Source: ANTARA


STX Shipbuilding Wins Tanker Order

South Korea's STX Shipbuilding Co. has received an order to build two crude oil tankers for $138.2m for a Greece-based company. The order calls for STX Shipbuilding to deliver the two vessels to Liquimar Tankers Management Inc. by July 2009, the company said in a regulatory filing.


France Will Make Fresh Proposals on STX Shipyards to Italy

(File photo: STX France)

France will make new proposals to Italy with the hope of resolving their differences over the sale and joint control of STX shipyards before a Franco-Italian summit in September, Economy Minister Bruno Le Maire said on Monday.   Paris angered Rome last month after it ordered a


Four Killed in Explosion at South Korean STX Shipyard

File Photo: STX Offshore & Shipbuilding

 Four workers were killed Sunday in an explosion at an oil tanker being built in a South Korean shipyard, Reuters reported quoting authorities.   Fire officials said the workers were painting the interior of the tanker at an STX Offshore & Shipbuilding plant in the southeastern


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.  


Navig8 to Acquire 32 Chemical Tankers

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers Inc,  international  shipping company focused on the transportation of chemicals, has  entered  into  contracts  to  acquire  32  modern,  fuel-efficient  newbuilding  chemical  tankers.   


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


Italian Minister Warns of Rigid Response to French Shipyard Move

(File photo: STX France)

Paris and Rome should be able to resolve their differences over the sale of a disputed shipyard, Italy's industry minister said on Wednesday, but he hinted that French investors might yet be hurt because of the row.   The comments from Industry Minister Carlo Calenda could spell trouble in


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)


France Wants Private Shareholder for STX

France: Italy's Fincantieri best option.   France wants a private investor for the STX France shipyards and Fincantieri is the best option but the government will be forced to consider other alternatives should negotiations with the Italian shipbuilder fail


Macron, Gentiloni Discussing STX, Libya, Migration

Italian Prime Minister Paolo Gentiloni received a "friendly" phone call on Thursday from French President Emmanuel Macron to discuss the STX France shipyard, Libya and immigration, Gentiloni's office said. Relations between the two EU allies has been strained this month by a number of


France Nationalizes Shipyard to Thwart Italian Majority

France will temporarily nationalise the STX France shipyard to prevent an Italian firm taking majority control, the economy minister said on Thursday, marking President Emmanuel Macron's first big industrial policy decision.   As France's most avowedly pro-business leader in decades


France to Nationalize STX if Italy Deal Fails

File Image (CREDIT: AdobeStock / (c) Burnel11)

French govt has made 50/50 ownership offer to Italy; Minister says offer on the table until Thursday.   The French state said on Wednesday it would nationalise the STX France shipyard if Italy does not accept its offer to split STX's capital equally


STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily.   STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity


MSC Cruises Orders Newbuilds at STX France

Image: MSC Cruises

Ship owner MSC Cruises and shipbuilder STX France signed a new memorandum of understanding firming up the order of two 200,000 GRT, LNG-powered mega cruise ships, with options for two additional vessels. The four ships will become MSC Cruises’ World Class.  


Italy, France Seek Rapid Solution to STX Stake Sale

File photo: STX France

Italy and France have agreed to seek a rapid solution in discussions over selling a large stake in the STX France shipyard to Fincantieri, Italy's economy ministry said on Monday.   Italian Economy Minister Pier Carlo Padoan and Industry Minister Carlo Calenda discussed the planned sale


Macron Seeks Review of STX Shipyard Sale to Fincantieri

File photo: STX France

French President Emmanuel Macron said on Wednesday he wanted to review the terms of a recent deal to sell a large stake in the STX France shipyard to Italian group Fincantieri. Speaking at the launch of a new cruise ship, Macron said the STX France's shareholder structure should neither put






 
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