STX celebrates big tanker win, rebrand on the cards

STX Offshore & Shipbuilding has been saved, its orderbook now stretching into 2023 and new owners circling with a Korean style rebrand on the cards.

The Jinhae-based shipyard, once one of the world’s largest, has been through a barren decade but today celebrated winning orders for 12 tankers, taking its orderbook to 28 ships and filling out berth space deep into 2023.

The orders are for two 10,000 product tankers, six 50,000 dwt product tankers and four 115,000 dwt aframaxes. Neither the shipowner, nor a price has been revealed.

STX Offshore’s creditors led by the state-run Korea Development Bank have been pushing for the sale of the shipbuilder to a local consortium comprising local private equity fund KH Investment and United Asset Management. If the deal to sell the shipbuilder is finalised, STX Offshore will be renamed K Shipbuilding, the company said today.

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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