Greater China

As STX woes deepen, attention turns to its giant Dalian yard

Dalian: It is one of the largest shipyards in the world, certainly the biggest run by foreigners in China, and now the future of STX Dalian is very much in the spotlight. Financially struggling STX Group saw another key subsidiary submit to voluntary debt-rescheduling yesterday. STX Offshore & Shipbuilding, which also runs STX Dalian, said it had made the move in a bid to receive fresh loans.

The shipbuilding division suffered a net loss of Won782bn last year, talking its debts to Won12.2trn. The wildly overstretched STX Group has been trying to offload stakes across its empire, which has seen shipping line STX Pan Ocean put up for sale, STX OSV sold to Italy’s Fincanntineri and plenty of speculation that a stake, or even the entire holding, of STX Dalian shipyard will be put up for sale.  [03/04/13]

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