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.