STX Pan Ocean Axes Newbuilding Contracts Worth USD 225 Mill

STX Pan Ocean, restructuring shipowner listed in Singapore and Korea, has axed $225m worth of newbudiling orders as part of its rehabilitation plan.

The company announced today, in a regulatory filing, that the size of investment amount has been reduced from approximately $1 billion to $0.8 billion in respect of the shipbuilding orders for open hatch general cargo carriers and Kamsarmax bulkers because some portion of the investment plan has been changed as the company has been under rehabilitation proceedings since 17 June 2013.

Also, the shipowner announced that a contract for the construction of two container vessels at a price of around $50 million has been changed to one vessel for a price of approx $25 million.

STX Pan Ocean, October 10, 2013;