The Koo family-controlled Valles Steamship from Hong Kong has emerged as the contractor for a product tanker at STX Offshore & Shipbuilding in South Korea.
Anchor Shipbroking suggests Valles is paying $34.5m for the prompt delivery of the 50,000 dwt ship next year. The export order is very significant on STX’s road to recovery.
Last month private equity fund KH Investment and local debt clearing house United Asset Management joined forces to take the yard private after eight years of being held by state-backed creditors.
As recently as eight years ago, STX was the world’s fourth largest shipbuilding group but financial scandals and a severe drop in orders plunged the yard into chaos in 2013 with many affiliates since sold off.
Formerly known as Ssangyong Heavy Industries, the yard was taken over and rebranded as STX in the year 2000.