Dry bulk shipper STX Pan Ocean has placed an order today for two Capesize bulk carriers from Hanjin Heavy Industries. The vessels, due for delivery by the end of 2016, are being built to ship coal on long-term contracts for power generation purposes according to the exchange filing. This new order adds KRW 103,697,340,000 (USD $97.4 million) to Hanjin Heavy Industries' … [Read more...]
Korean Shipping Lines Face Cash Crunch
By Kyunghee Park Nov. 14 (Bloomberg) -- South Korea’s three biggest shipping companies face a cash crunch as 3 trillion won ($2.8 billion) of bonds are due for repayment in the next two years amid mounting losses from a global slump in rates to carry cargo. Hanjin Shipping Co., Hyundai Merchant Marine Co. and STX Pan Ocean Co. are all forecast to post losses in … [Read more...]
STX Pan Ocean Cuts Ship Orders to Save Cash
Oct. 10 (Bloomberg) -- STX Pan Ocean Co., South Korea’s largest commodities shipping line, canceled some ship orders as it seeks to revive operations under court protection. Contracts were canceled for four wood pulp-carrying ships and one container vessel, helping pare investments by 21 percent to $827.2 million, the Seoul-based company said in regulatory filings … [Read more...]
GasLog to Acquire LNG Carrier from STX Pan Ocean, More to Follow Says CEO
GasLog (NYSE: GLOG) announced further expansion of their shipping fleet today in the form of an additional LNG carrier from Singapore-based STX Pan Ocean. The agreement to acquire the STX Frontier, a 2010-built, 153,600 cubic meter LNG carrier will reportedly close in Q4 2013 for approximately $160 million. The vessel does not bring a charter with it, but will be … [Read more...]
Star Bulk to Build More Capes, Loses Long Term Charter with STX Pan Ocean
Star Bulk Carriers Corp. (NASDAQ: SBLK) entered into a newbuilding agreement today with Shanghai Waigaoqiao Shipbuilding to build a pair of 180,000 DWT Capesize bulk carriers as well as signed a letter of intent with an undisclosed Japanese yard to build two, 60,000 DWT Ultramax bulkers. The Capes are expected to be delivered from Waigaoqiao in Q4 2015 and Q1 2016, and the … [Read more...]