MSC Cruises Signs Letter of Intent to Build Largest Ships to Date

MSC Cruises on Thursday announced that it has signed a letter of intent (LOI) with STX France for the construction of two new cruise ships with an option for two more. The two ships will join MSC Cruises as the largest vessels in the company's fleet, currently consisting of 12 ships all built in the Saint-Nazaire yards. The first two cruise ships are due for delivery … [Read more...]

STX Finland to Close Rauma Shipyard

A dip in the global economy has forced STX Finland to move forward with the closure of its Rauma Shipyard, the company announced Monday. In a statement, STX Finland announced that its Board has unanimously approved a restructuring of the company which will see current operations at the Rauma Shipyard ramped down and functions shifted to the Turku Shipyard. “The … [Read more...]

STX Offshore & Shipbuilding Co. Chairman to Resign

South Korea's STX Offshore & Shipbuilding Co. said Monday that Kang Duk-Soo will be stepping down from his post as Chairman of the struggling shipbuilder, Yonhap News has reported. The news comes following reports last week that creditors at Korea Development Bank had urged Kang to resign over his mismanagement. Last month, Kang also resigned from his lead role at STX … [Read more...]

STX Pan Ocean Files For Protection

(Reuters) STX Pan Ocean - owner of 97 bulk vessels, 249 chartered-in ships and open contracts for 28 newbuilds - filed for court receivership on Friday, the latest unit in the shipping-to-shipbuilding STX Group to face restructuring to solve its mounting debt problems. Trading in STX Pan Ocean shares was halted after the market closed on Wednesday, as main creditor Korea … [Read more...]

STX Group Shares Tumble

(Reuters) STX Group, formerly Ssangyong Heavy Industries, shares tumbled on Monday morning after an official at Woori Bank said the company is considering a stake sale in STX Corp, the group's holding company. Woori Bank, a unit of Woori Finance Holdings Co Ltd , holds about 6.5 million shares in STX Corp, which is owned by STX Group chairman Kang Duk-soo, as a collateral to … [Read more...]