STX given refund guarantee boost for Oceangold Tankers order

STX given refund guarantee boost for Oceangold Tankers order

South Korean yard STX Offshore & Shipbuilding has secured a refund guarantee from Korea Development Bank (KDB) for an order for two 50,000 dwt product tankers from Greek owner Oceangold Tankers.

The vessels will be built at Jinhae yard and delivered by the first quarter of 2020.

In July, STX lost an order for a 49,700 dwt product tanker from Sincere Navigation due to its failure to secure a refund guarantee. KDB didn’t approval the order as it thought the yard would have cash flow issues.

The South Korean government decided to revive STX Offshore & Shipbuilding instead of liquidating the yard in April.

Once one of the world’s largest shipbuilders, STX has just exited a court-mandated restructuring this year and returned to its roots in offering a limited range of ship types led by product tankers, as it looks to get back on a more stable financial footing.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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