Stx Pan Ocean Co Ltd News

Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million. Star Bulk say they have been notified by the  receivers of STX Pan Ocean Co. Ltd.

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.

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. STX, which faces five years probation for each of the four counts against it, has agreed to pay a $2m fine, as well as make a $200,000 community service payment to the National Fish and Wildlife Foundation.

Hae Wan Yang, 54, of South Korea, was sentenced on Dec. 30 in U.S. District Court in Tacoma to two months of home confinement in the United States and two years of supervised release for violating the Act to Prevent Pollution from Ships by knowingly failing to maintain an accurate Garbage Record Book. Yang was the Captain of the M/V Pan Voyager a ship belonging to STX Pan Ocean Co., Ltd., a South Korean Shipping Company. The inaccuracy was a failure to record a dumping incident during which approximately six 55-gallon drums, thirty plastic lined rice sacks, and approximately two hundred garbage bags containing oil contaminated grain were thrown into the ocean during a voyage from Korea to Longview, Washington.