China: STX Pan Ocean Takes Delivery of STX Horizon

STX Pan Ocean successfully took over 83,000 DWT class Panamax, STX Horizon, on January 8th, as the first delivery of this year. Built at STX Dalian Shipbuilding Complex, the vessel is 229m long, 32m wide and 20m high bulk carrier.

Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil by operating more than 50 ships as industrial carriers, STX Horizon will be added to the list of performing vessels for these contracts.

The company official said, “Although current dry bulk shipping market is depressed, about $100 million of profit is expected from operation of 23 private vessels, which will be delivered within this year to carry out long-term transportation contracts, containing 10 ships for Fibria, 6 for KEPCO subsidiary and 3 for Vale. As performance of those contracts will begin in earnest from this year, operating profit is expected to be visible, which will make ends meet, finally after the consistent investment for vessel purchase.”

By adding the ship to its fleet, STX Pan Ocean will have a owned fleet totaling 95 ships, including 59 bulk carriers, 20 tankers, seven container ships, six car carriers, 2 semi-submersible heavy transport vessels, and one LNG carrier. In addition to this private fleet and about 300 chartered ships, STX Pan Ocean is operating approximately 400 ships.

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Press Release, January 16, 2013