AsiaShipyards

STX orderbook taking a hit

Now under court receivership, STX Offshore & Shipbuilding is seeing its orderbook whittled down fast.
Yonhap, South Korea’s main newswire, reports that Frontline is close to axing four tankers while another customer is close to cancelling a contract for another three tankers.

The yard is going through a court-led restructuring scheme having been under creditor control for the last three and a half years.

STX has said it will focus more on series production of product tankers in the future to try and raise profits.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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