STX Offshore & Shipbuilding sells R&D building

South Korean shipyard STX Offshore & Shipbuilding has sold its research and development building to auto parts manufacturer Korea Central for a price of KRW10bn ($8.93m) to improve its financial status.

The shipyard has just exited a court-mandated restructuring this year and is looking to get back on a more stable financial footing.

Earlier this month, STX finally secured a refund guarantee from Korea Development Bank for Greek owner Oceangold Tankers’ order for two 50,000dwt product tankers, following it losing an order from Sincere Navigation due to its failure to secure a refund guarantee.

According to STX Offshore & Shipbuilding, it currently has 17 confirmed orders which would keep the yard busy until the first quarter of 2020.

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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