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Stx Offshore News

09 Jan 2019

Langh Tech Delivers Scrubber Systems to Polaris Fleet

Photo courtesy of Langh Tech

Langh Tech and STX Offshore & Shipbuilding (STX O&S) have signed a deal for scrubber retrofits on seven vessels in the Polaris fleet. The four 180K bulkers and the three 300K VLOCs in the fleet will be equipped with Langh Tech’s open loop scrubbers.The scrubber installations will be done as turn key deliveries by STX O&S. On each of the vessels the main engine and the three auxiliaries are connected to the scrubber. The scrubbers are multi-inlet type and Langh Tech delivers all the equipment necessary for a fully working open loop system.

13 Nov 2018

Lloyd's Register Approves STX's LNG-fueled MR Tanker Design

Lloyd’s Register has granted an approval in principle to STX Offshore & Shipbuilding for a 50,000 dwt MR tanker design capable of using LNG as a fuel. This development is the result of close collaboration between STX and LR.STX incorporated an LNG-fuelled propulsion system into their existing conventional MR tanker design with technical assistance and support from LR, ensuring that the design is in compliance with the new IGF code as well as LR’s Gas Fuelled Rules, covering other applicable requirements.LR also supported STX in carrying out a risk assessment of the LNG-fuelled propulsion system for the vessel design.EK Choi, Chief Technical Officer of STX, commented: “STX has an extensive reference list for designing and building MR tankers.

22 May 2018

Ideol, STX to Develop Next-Generation Offshore Substations

Ideol and STX Europe Offshore Energy, the well-known EPCIM supplier of substations to the bottom-fixed offshore wind industry, announce the development of a breakthrough floating substation. This one will be compatible with both bottom-fixed and floating offshore wind farms. Their universal and modular solution is expected to impact the market of offshore substations and aims at being market-ready for France’s upcoming floating commercial tenders. Based on Ideol’s patented and shallow-draft Damping Pool® concept and designed to operate in the world most extreme environments, this universal floating substation is currently being designed and engineered with a target of maximum standardization and modularization that allow cost reduction.

22 May 2018

Gunvor, Oceangold and Maas Capital Form Tanker JV

© Anatoly Menzhiliy / Adobe Stock

A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.The new joint venture company has entered into shipbuilding contracts for six vessels from South Korean shipyards, including four MR2 product tankers from STX Offshore & Shipbuilding Co. and two LR2 product tankers from Daehan Shipbuilding Co.

25 Mar 2018

STX Shipbuilding Stages Strike

The trade union workers of South Korea's STX Offshore & Shipbuilding Co. said Sunday they will stage a strike starting this week to protest the company's self-rescue plan, reports Yonhap. According to Korean media reports, the union would organize the strike action this week to express its disagreement with the company's planned restructuring program as it does not guarantee workers’ jobs. Starting today (Monday) 8:00 a.m., the union said 700 workers will walk out and called on the company to scrap the planned layoff of workers. "We will carry out a full strike for the time being, and hold protests and rallies to have the people become aware of unfairness surrounding the planned layoff," a union official said.

11 Mar 2018

South Korea Restuctures Mid-Sized Shipbuilders

The South Korean government decided to restructure two financially-troubled mid-sized shipbuilders, said a report in Business Korea. While filing for court receivership for the debt-ridden Sungdong Shipbuilding, the government has decided to save STX Offshore and Shipbuilding Co. on condition of slashing 75 percent of its production workforce. The two shipbuilders are heavily indebted to Korea's two state-run banks, as they have struggled with snowballing losses amid unfavorable oil prices and the worldwide industry downturn. According to the report, the government held a ministerial meeting to discuss ways to strengthen the industrial competitiveness and announce its restructuring plans for mid-size shipbuilders.

02 Feb 2018

Navig8 Chemical Tankers Still in Red

Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter ended 31st December, 2017 with a widened net loss of USD 3.7mln. Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16. “The chemical tanker market began to show signs of improvement in the fourth quarter led by stronger demand in the chemical sector and tightening in the MR product tanker market,” said CEO Nicolas Busch. “With our fleet fully delivered, we are pleased to have generated sequential increases in revenues and operating income and believe we are well positioned as fleet growth for larger vessels begins to slow and chemical tanker demand continues to increase,” Nicolas added.

20 Aug 2017

Four Killed in Explosion at South Korean STX Shipyard

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 city of Changwon and died almost instantly. The workers in their 30s to 50s were painting inside a 12-meter-deep oil tank at the time of the accident. The fire agency recovered the bodies of the three victims. The oil carrier with the capacity of 74,000 tons is reportedly scheduled to be delivered to a Greek shipping company in October. According to Yonhap, the authorities are looking into the cause of the explosion.

15 Aug 2017

Navig8 to Acquire 32 Chemical Tankers

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. As of today, 31 of these vessels have been delivered and are in operation, the company said in a press release. The remaining vessel is scheduled to be delivered in the third quarter of 2017. Upon their respective deliveries, the Company’s vessels have and will be deployed in commercial pools managed by the Navig8  Group,  including  the  Chronos8,  Delta8  and  Stainless 8  pools. The Company’s newbuilding fleet is composed of eighteen IMO2 37…

21 Jul 2017

STX Bags Orders for Six Tankers

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. Two were order on an option contract, which gives the buyer a right to pay for the ship at a pre-determined price in case ship prices rise. The deal was worth $140 million in total. According to STX,  the ships will be constructed in its Jinhae shipyard in Changwon, South Gyeongsan, and delivered by the first quarter of 2019. Two days ago, STX announced orders for two 11,200 DWT tankers - one an option contract - that move oil and chemical products from a local company, Woolim Shipping.

30 Dec 2016

France May Step in on Shipyard Sale

France may intervene in the sale of the Saint-Nazaire shipyard by bankrupt South Korean shipbuilder STX if the French government's conditions are not met, Industry Minister Christophe Sirugue said. "The government is fully mobilised and will not hesitate to use all of the levers at its disposal," Sirugue told French daily Les Echos in an interview published on Friday. The French state, which owns a third of STX France and its western Saint-Nazaire shipyard, has a right of refusal on the sale of STX Offshore & Shipbuilding's majority stake once a winning bid has been selected, which is expected next week. Italy's Fincantieri is the sole bidder for the French assets, a source said on Dec. 27, and the Seoul bankruptcy court said only one offer had been received.

27 Dec 2016

Only One Bidder for STX France

The South Korean court handling the bankruptcy proceedings of STX Offshore & Shipbuilding Co. said that only a single bidder had submitted a binding proposal to buy the shipyard's profitable French unit, says a report by AFP. STX France, which specialises in building cruise ships, is the only profitable unit of STX Offshore, which filed for receivership in May. Italian shipbuilding giant Fincantieri SpA, Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in acquiring STX France, which specialises in building cruise ships. The four  were supposed to undertake due diligence of STX’s assets for up to two weeks before offering final takeover proposals. But only one bidder has met the deadline for making a binding offer.

27 Dec 2016

Fincantieri the Sole Bidder for STX France

Italian shipbuilding and construction group Fincantieri SpA is the only bidder for shipping group STX France, a source close to the matter said on Tuesday. The sale of STX France, which specialises in building cruise ships in the western France city of Saint-Nazaire and is profitable, forms part of the broader sale of businesses from the collapsed STX shipbuilding group. A spokesman for a Korean court overseeing the process had said earlier on Tuesday that one bid had been received for the STX France business, without giving a name. A spokesman for the Seoul court overseeing STX Offshore's receivership had said in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France.

27 Dec 2016

Just One Bid So Far for STX France

Only one bid has been received so far for shipping group STX France, said a Korean court on Tuesday.   A spokesman for the Seoul court overseeing STX Offshore's receivership had said earlier in November that four parties had expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA. Reporting by Joyce Lee

27 Nov 2016

Navig8 Receives 8th Interline-Coated Tanker

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s newbuilding program. The Navig8 Tanzanite is also the eighth and final vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015. Following delivery from STX, the Navig8 Tanzanite was delivered to Ocean Yield under the terms of the sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Tanzanite will be entered into and operated in Navig8 Group’s Chronos8 commercial pool.

12 Nov 2016

Court Okays STX Offshore Rehabilitation Plan

STX Offshore & Shipbuilding has got the green light to carry on operations. A Seoul court today approved its rehabilitation plan, saving the yard, once the world’s fourth largest, from liquidation, reports Yonhap. STX Shipbuilding, once South Korea's No. 4 shipbuilder, has been placed under court receivership since June, amid a protracted slump in the shipbuilding industry. The Seoul Central District Court approved its revival plan, ending the financially shaky shipyard’s five-month long court receivership. The court said it is currently carrying out mergers and acquisitions (M&A) procedures for a smooth restructuring of the shipyard and is reviewing proposals from four enterprises that have been submitted as of last week. It is planning to receive acquisition proposals until Dec. 27.

04 Nov 2016

Four Bids for STX Offshore, STX France Emerge

Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday. The Seoul Central District Court spokesman declined to comment on the names of the parties. The South Korean court in October decided to allow the two units of the collapsed STX shipbuilding group to be sold either separately or together. Initial bids were due on Friday for all of STX Offshore & Shipbuilding Co Ltd and a 66.7 percent stake in STX France SA that is held by STX Europe AS. The four parties that entered non-binding bids in the sale were France's DCNS Group…

12 Oct 2016

South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal

A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities as part of an ambitious plan for Africa and Asia. The orders would be a major shot in the arm for South Korea's ailing shipbuilding industry, which has been hit by a collapse in new orders as global trade growth slows and after the slump in commodities prices in recent years.

05 Oct 2016

Navig8 Cancels Five Newbuildings at STX

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017. Contracts ordering the cancelled vessels were previously announced on October 21, 2015 and December 3, 2015. All pre-delivery instalments previously paid to STX with respect to the cancelled vessels have been refunded to Navig8 Chemical Tankers together with interest by Korea Development Bank (KDB) pursuant to the refund guarantees provided by KDB.

12 Sep 2016

Shipbuilding Giants Bid for STX France

Italian shipbuilding giant Fincantieri SpA and Dutch counterpart Damen Shipyards Group are in the running to buy STX France, which has been put on the block by Korean debt-ridden parent STX Offshore & Shipbuilding Co, reports WSJ. Meanwhile,  STX Offshore - once the Korea's number four shipbuilder - has submitted a proposal to a court on how to revive its business, according to a report in AFP. STX filed for the restructuring in May after struggling for years with mounting losses caused by mismanagement and a slump in global demand. STX France, which specializes in building cruise ships, is the only profitable unit of STX, with a full order book for the next seven years.

29 Aug 2016

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ. The country's fourth largest shipyard filed for receivership in May. The court has been supervising the firm’s rehabilitation since June. STX told a bankruptcy court in Korea that it has hired PricewaterhouseCoopers to help it sell STX France, a profitable yard in France specializing in building cruise ships. STX said it plans to cut its 2,090 staff in Korea by 35% by the end of September. The shipbuilder has been undergoing a court-led restructuring scheme, is revitalizing a plan to sell STX France by hiring a manager for its sale this week after two previous attempts failed, reports Korea Herald.

25 Jul 2016

Navig8 Acquires Chemical Tanker from STX

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”). The Navig8 Topaz is the second STX vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015. Following delivery from STX, the Navig8 Topaz was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Topaz will be entered into and operated in Navig8 Group’s Chronos8 commercial pool.

13 Jun 2016

STX Shipbuilding Struggles to Survive

STX Offshore & Shipbuilding may be put under a court-led restructuring scheme, paving the way for the shipyard to avert liquidation, says a report in Korea Times quoting local court. Last month, STX Shipbuilding, once Korea's No. 4 shipbuilder, filed for receivership to stay afloat as its creditors decided to end a similar rehabilitation program for the shipbuilder. The shipbuilder is required to submit its self-rescue plan to the Seoul Central District Court by Sept. “It is regrettable that we have been put under court receivership but it is also fortunate at the same time that we avoided the worst-case situation,” STX CEO Lee Byung-Mo said in a message to employees.