Rejig at Pan Ocean
South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a new share sale. Pan Ocean went into receivership after incurring over $ 5 billion in debts in 2013, after being battered by tonnage overhang following the global financial crisis. A series of debt-to-equity swaps saw Korea Development Bank become Pan Ocean's biggest shareholder.
Pan Ocean on Recovery Path
S. Korea’s Pan Ocean Co. is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half of the South Korean bulk carrier’s total shipping contracts, reports the Pulse. It has also resumed container services in Southeast Asia for the first time since it exited receivership in early 2015. Pan Ocean’s resumption of services came via a slot-sharing agreement with Hanjin Shipping to share space on Hanjin’s Korea Haiphong Express service.
PanOcean Signs USD 1.8bln Deal with Brazil's Vale, Orders Six VLOCs
South Korean shipper Pan Ocean has won a 1.98 trillion won ($1.82 billion) contract to transport iron ore over a period of 27 years for Brazilian mining giant Vale, Reuters reported. The South Korea company said in a regulatory filing that it is set to carry iron ore from Brazil to China from January 2020 to August 2047. According to Straits TImes, the contract commences from the first quarter of 2020. "The main objective of the company for entering into this COA is to secure a stabilised source of revenue and profit," said Pan Ocean.
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, told Reuters on Thursday. "Those who had previously owned Pan Ocean did only shipping, but we will add grain trading," Kim said during an interview in his office in Seongnam, south of Seoul. "We have done lots of business in livestock sectors requiring grains as raw materials.
STX Pan Ocean Orders $215M LNG Carrier
STX Pan Ocean has ordered an LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The vessel will be built at a cost of $215 million. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8 million on a 20 percent increase in sales to $2.7 billion. Source: ChannelNewAsia
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)
STX Pan Ocean to spend $810
STX Pan Ocean a South Korean shipping firm, said on Wednesday it would spend about $810 million in 2008 on new vessels including bulk ships and containers. STX Pan Ocean , listed in Seoul and Singapore, also said in a filing to the Korea Exchange it would buy four bulk ships for 143.9 billion won ($153.2 million) by 2010.
Harim Acquires 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. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court…
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. The stock was trading at S$4.25 about five minutes earlier. There was no error reported by the parties to the transactions, the exchange said. Source: Bloomberg
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.
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 Pan Ocean Wins $40M Newbuild Contract
According to a June 1 report from channelnewsasia.com, STX Pan Ocean said it won a shipbuilding contract worth at least $40m for a semi-submersible heavy lift carrier. (Source: Channelnewsasia.com)
No Bidders for Korean Bulkship Owners STX
The sale of STX Pan Ocean Co. fell through as the Easter financial markets closed. No potential bidders expressed their interest in South Korea's leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender, reports Yonhap News Agency. According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean yet. Source: Yonhap News Agency
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, involves a so-called "consecutive voyage contract" for five ships until 2035, with an option for the pulp maker to extend the deal by five or 10 years. Reporting by Brad Haynes
Pan Ocean Orders OCTOPUS-Onboard for Heavy Lift Vessels
The Korean based global shipping company Pan Ocean, has ordered OCTOPUS-Onboard system from Amarcon for two semi-submersible heavy lift vessels. The state-of-the-art ship monitoring and advisory system will support the vessels’ route planning, optimization of speed, heading and fuel consumption. For the two semi-submerging heavy lift vessels, the Sun Rise and the Sun Shine, Amarcon will deliver an OCTOPUS-Onboard installation including motion monitoring and forecasting. The system will increase workability and safety during heavy lift transportation projects.
Panamax Dry Bulker Delivered to STX Pan Ocean
STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed, about $100 million of profit is expected from operation of 23 private vessels…
COA Appoints STX Panocean's Kwon to BoD
The Container Owners Association – the international organization representing container shipping lines and container leasing companies worldwide – has appointed Mr O I Kwon, Senior Vice President – Container Business Management Division, STX Panocean Co Ltd, to its Board of Directors. Mr Kwon joins six other Directors, who represent some of the world’s largest container owners, on the Board of the Container Owners Association. “It is a great honour – both for me personally, and for my company STX Panocean - to join the COA Board,” Mr Kwon says. “This position carries considerable responsibility and I will do my best to promote the COA in Asia and to support the wide range of initiatives that the COA is working on.
STX Group Seeks 2013 Turnaround
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.
Iolcos Grace - (built 1990) 71,749 dwt del Dalian prompt 4-6 months trading $9,000 daily Chinese charterers. North Countess - (built 1986) 70,280 dwt del Kinuura Nov 305 months trading $8,500 daily S A Marine. Lavadara - (built 1996) 69,091 dwt del Bin Qasim early Nov trip via west coast India redel Japan $10,750 daily MOL-Navix. Lamyra - (built 1983) 64,879 dwt 13 on 27 plus 1.5 del West Africa prompt trip passing Muscat outbound-Colombo range high $9,000 daily plus an undisclosed bb CNR. Amphion - (built 1987) 64,442 dwt del retroactive Japan end Oct trip via Nopac redel Far East $6,500 daily Pan Ocean. Alberto Topic - (built 1981) 43,473 dwt 14 on 26 del north coast South America prompt trip Mediterranean approx. $10,500 daily E.D.F. Man.
Star Bulk Collects $8.016m From Sale of Its Claim Against Pan Ocean
Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that following the settlement and adjudication of the company's subsidiary Star Borealis LLC claim for damages and due hire related to the repudiation of the long-term time charter of the M/V Star Borealis by charterer Pan Ocean Co Ltd., previously filed with the Seoul Central District Court, Korea, Star Bolrealis negotiated, sold and assigned the rights to the Adjudicated Claim to an unrelated third party against a consideration of eight million sixteen thousand dollars collected in full.
Creditors to Pursue ARA Vessel Arrests as Bankruptcies Escalate
Rotterdam-based law firm AKD says that creditors of ailing shipping groups such as STX Pan Ocean of South Korea, and TMT of Taiwan, could seek to take advantage of prevailing bankruptcy laws to enforce vessel arrests and other attachments in the Amsterdam-Rotterdam-Antwerp (ARA) region. Haco van der Houven van Oordt, a partner with the shipping and offshore team at AKD in Rotterdam, said, “The recent reports of bankruptcies and voluntary liquidation proceedings involving shipping companies have now reached levels which exceed any in recent memory. STX Pan Ocean, South Korea’s largest dry bulk operator, has reportedly obtained bankruptcy…
GasLog Buy STX Pan Ocean LNG Carrier
GasLog Ltd. has signed a memorandum of agreement to acquire the 'STX Frontier', a 2010-built, 153,600 cubic meter LNG carrier from Singapore- based company STX Pan Ocean LNG PTE. Ltd. The intention is that GasLog will take over the vessel from STX Pan Ocean early in the fourth quarter of 2013 in Spain, which makes her well positioned to take advantage of the current tight supply of tonnage for this winter in the Atlantic. Paul Wogan, GasLog CEO; said: "We are delighted to announce this acquisition.
Tidewater Takes Over STX Pan Ocean PSV Newbuild Contracts
STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway.