Cancellations for STX Dalian as sister line slashes orderbook

Seoul: In a further blow to the already decimated orderbook at STX Dalian, sister firm STX Pan Ocean announced yesterday the nixing of $225m worth of orders, the majority of which were on the Chinese affiliate’s books. STX Pan Ocean said it is canning an unspecified number of open hatch bulkers as well as some kamsarmaxes worth a total of $200m. The open hatch bulkers were part of a $1bn order placed at STX Dalian three years ago to carry wood pulp for Brazil’s Fibria Celulose. Bankrupt STX Pan Ocean also announced it was cancelling a containership on order at STX’s yard in Jinhae, Korea.

The whole STX Group, one of Korea’s 15 largest conglomerates, is weighed down with huge debts and speculation has been rife that the sprawling STX Dalian yard will be sold off.  [11/10/13]

 

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