Report: STX Offshore inks deal for 12 new vessels

South Korea-based shipbuilder STX Offshore & Shipbuilding has won multiple orders with Oceania-based shipping companies to build twelve tankers, Yonhap reports citing a company statement.

Illustration. Image Courtesy: Kees Torn on Flickr under CC BY-SA 2.0 license

The signed contracts include orders for six 50,000 dwt product tankers, two 10,000 product tankers, as well as an order for four 115,000 dwt oil tankers.

The deal for four oil tankers includes an option for the construction of two additional oil tankers, the company said.

According to Yonhap, the shipbuilder didn’t provide any further details, so the name of the shipowners and the vessels’ prices remain unknown.

The tankers are to be built at the Jinhae Shipyard and are slated to start deliveries in the fourth quarter of 2022 and spreading until the end of 2023.

STX Offshore’s creditors led by the state-run Korea Development Bank have been pushing for the sale of the shipbuilder to a local consortium comprising local private equity fund KH Investment and United Asset Management.

In April, STX Offshore’s shareholders agreed to reduce its common shares by consolidating 42 shares into one share on July 20 to improve its financial status.

Furtermore, after the capital reduction, the shipbuilder’s capital stock will be decreased to 2.5 billion won ($2.2 million) from 106.6 billion won ($94.4 million).

STX Offshore & Shipbuilding will be renamed K Shipbuilding if the agreements are finalised, the company stated.

In March, the company announced order of a 50,000-ton petrochemicals carrier scheduled for delivery in the first half of 2022.

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With the latest order, STX Offshore expands its orderbook to 28 ships.