STX Pan Ocean Awards Contract

According to www.channelnewsasia.com, STX Pan Ocean has awarded the tender for the building of two product oil/chemical tankers to a substantial shareholder STX Shipbuilding. The award followed an open tender exercise carried out over six days in January. The exercise attracted only one bid from STX Shipbuilding, which put in a bid of under $25m for the building of each of the tanker. The tankers are expected to be delivered in 2009.