No Financial Aid for STX Shipbuilding, Say Creditors
Creditors of financially troubled STX Offshore & Shipbuilding are opposing financial aid for the shipyard citing the gloomy outlook of the shipbuilding industry, Korea’s Yonhap News has reported. Creditors of STX Offshore, led by the state-run Korea Development Bank (KDB), decided to provide 450bn won ($384m) in financial aid to the shipyard last week in return for a thorough restructuring. But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan citing the shipbuilding industry’s worsening business conditions.
Korea's STX Offshore Wins Patrol Ship Order
STX Offshore wins US$ 132-million order for 3 patrol ships for the Korea Coast Guard. Under the deal with the Korea Coast Guard (KCG), STX Offshore will deliver the vessels by the end of 2015, the company told Korea Times. The vessels, equipped with a Vulcan cannon, can cruise at an average speed of 30 knots. STX Offshore & Shipbuilding Co., the nation's fourth-largest shipbuilder, also delivered similar patrol ships to the KCG in 2010 and 2011.
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
STX Bags Order for Eight LR1 Tankers
South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) has won an order for up to eight LR1 tankers with a total value of $ 375 million. The contract provides for the construction of four oil tankers of 74,000 tons plus the ability to build four additional ships. Under the contract, the ships should be delivered in 2016. The name of the shipowner is not disclosed, but according to the officials the LR1 product carriers will be chartered to Royal Dutch Shell on a long-term basis. The additional specifications of the ships were not mentioned.
Korea's STX Offshore Gets Emergency Loans
Creditors of the ailing shipbuilder agree to provide STX Offshore with (US$540 million) in emergency loans. The news is cited as coming from the main creditor bank and is reported by the Yonhap News Agency. STX Offshore, the shipbuilding unit of STX Group, a South Korean shipping and shipbuilding conglomerate, has been suffering a credit crunch as demand for new ships has fallen sharply in the past few years. Source: Yonhap News Agency
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.
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…
Daewoo Ship, STX Offshore Lead Advances Among Korean Shipyards
According to a Nov. 1 report from Bloomberg, STX Offshore & Shipbuilding Co., the world’s fourth-largest shipyard, led advances among South Korean shipbuilders in Seoul trading on expectations that growing global trade will prompt more orders. STX Offshore gained 8.1 percent to 28,550 won, the highest price since August 2008, at the 3 p.m. close of trade in Seoul. Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipyard, climbed 3.2 percent to 30,600 won after winning a $510m contract. (Source: Bloomberg)
STX Offshore Wins $253m Order for Drill Ship
According to a report from Asia Pulse Data Source, STX Offshore & Shipbuilding Co., a South Korean shipbuilder, has won a $253m order to build a drill ship. Under the deal with Noble Drilling Asset Holding Corp. of the United States, STX Offshore will deliver the vessel used for deep water oil exploration by May 2012. (Asia Pulse Data Source via COMTEX)
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 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.
Korean Shipbuilder Could Be Liquidated
South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ. According to multiple sources from the shipbuilding industry, creditors and STX Offshore & Shipbuilding have decided to put Goseong Offshore & Shipbuilding under court management early next month and have begun taking necessary steps. The decision has been made after judging that it would be difficult for the…
Korea's STX Offshore Debt to Equity Swap Hastened
STX Offshore & Shipbuilding Co. will issue new shares worth 38.4 billion won (US$36.5 million) as part of its debt-to-equity swap scheme. The shipbuilder will float 15.37 million shares, which will be listed on the main Seoul bourse on Jan. 9, 2014, reports Yonhap News Agency. Yonhap cite Jeong Yu-mi, a spokesperson for STX Offshore & Shipbuilding, as informing that trhe new share issuance is part of the 700 billion won debt-to-equity swap program aimed at stabilizing the company, which since the end of July, 2013, has been under a voluntary debt-relief and rescheduling program. Creditors, including the state-run Korea Development Bank (KDB), were to provide 2.7 trillion won, of which 650 billion won would be offered next year, to help the shipbuilder get back on its feet.
STX Shipbuilding Likely to Enter Court-lead Restructuring
South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead creditor Korea Development Bank said on Wednesday. STX Offshore's creditors took control of the company in 2013 after the shipbuilder was hit by falling ship prices following the global financial crisis. A Korea Development Bank spokesman said the firm's creditors will decide on how to proceed with the court receivership process by the end of the month…
BALPURE Systems Ordered for BP Tankers
Global Energy Giant BP Confirms Severn Trent De Nora’s BALPURE Ballast Water Management Systems as its Preferred Solution with Large Contract Win Contract calls for 14 BALPURE systems to be installed aboard BP crude oil tankers being constructed by one of the world’s largest shipbuilders, STX Offshore & Shipbuilding. Severn Trent De Nora, a supplier of equipment for seawater electrochlorination, has received a big order for its BALPURE ballast water management system from STX Offshore & Shipbuilding for global energy giant British Petroleum (BP).
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. Creditors have pumped liquidity into ailing STX Group in return for overhaul efforts. STX Group's holding company STX Corp. and its three ailing units -- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine -- have requested that creditor banks supply liquidity.
STX OSV to Go Public in Singapore
STX Offshore and Specialized Vessels is expected to launch an initial public offering in Singapore soon, according to a report on http://english.chosun.com. According to the report, STX OSV plans to debut there on Nov. 11. (Source: http://english.chosun.com)
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.
OSX Korea Shipyard to Build 5 Peru Navy Patrol Boats
STX Offshore & Shipbuilding Co. has signed a deal with the defense ministry of Peru to build five patrol ships for 75 billion won (US$71.3 million) reports Yonhap News. Citing the shipbuilders, Yonhap adds that STX will deliver the ships by the end of 2015, and that in March 2012, the company signed a first contract for building the same type of ships with Colombia's defense ministry. Source: Yonhap News
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.
Becker Marine Wins Another Rudder Order
Becker Marine Systems receives order for 93m2 TLKSR rudders - the largest ever built. 93m2 TLKSR Rudder ordered by STX O&S for 16,000 TEU container vessels Becker Marine Systems has been elected by STX Offshore & Shipbuilding to design and supply the largest ever built full spade rudders for Zodiac’s container vessels of more than 90m2. Engineering Co., Ltd. (DSME). The new order also is Becker Marine Systems’ well proven TLKSR® (Twisted leading edge king support rudder) for the 400m long and 54m wide 16,000 TEU container vessels.
Seaspan Signs Contract with STX Offshore & Shipbuilding
Seaspan Marine entered into a technology support agreement with STX Offshore and Shipbuilding Company Ltd. This partnership will optimize Vancouver Shipyard’s planned facilities upgrades for the Federal Government’s recently awarded $8 billion Non-Combat National Shipbuilding Procurement Strategy (NSPS) program. STX is one of the leading shipbuilders in the world and currently produces approximately 60 vessels per year with annual steel throughput over 700,000 tonnes. STX plans to dispatch a technical staff to Vancouver Shipyards to review facility upgrades and provide recommendations for optimizing shipbuilding efficiency. “This partnership…
STXM Supports Seaspan NSPS Proposal
STX Canada Marine would like to congratulate Seaspan Vancouver Shipyards on the award of the contract for the Canadian National Shipbuilding Procurement Strategy (NSPS) for non-combat vessels. As a First Tier partner, STX Canada Marine (STXM) is proud to have supported the Seaspan Team in the development of the NSPS proposal and looks forward to a long-term relationship with them and being a part of the revitalization of Canadian shipbuilding on the West Coast. Under the contract…