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CURRENT ISSUE

NAVY SHIPBUILDING COSTS
Which of these could best lower shipbuilding costs?

 Staying with proven technology
 Multiyear fixed price contracts
 Reform Navy acquisition

November 14, 2009

STX books major VLOC order

STX Offshore & Shipbuilding has reported to the Korean Stock Exchange that it has signed a single contract for the construction of eight 400,000 dwt very large ore carriers. The contract is valued at about $879.8 million.

Delivery of the eight vessels will be completed bySeptember 30, 2012.

Although STX Offshore & Shipbuilding did not disclose the customer, it seems probable that it is STX Pan Ocean.

In September STX Pan Ocean was widely reported to have snagged a $5.84 billion contract from Brazilian mining giant Vale, Reportedly the 3 billion tons of consecutive voyage contract (CVC) would cover the transport of iron ore from Brazil to China for Vale over a 25-year period starting in 2011. The contract is worth $5.84 billion.

On Friday, STX Pan Ocean Co., Ltd. announced that it had successfully launched and priced an issue of Convertible Bonds (Offering) to raise $200 million.

The company said it intends to use the net proceeds from the offering for general corporate purposes and to fund part of the purchase price of newly built vessels.


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