Title XI Funding
Should Congress fund the Title XI program in FY2007?


Marine Log

May 14, 2007

STX Pan Ocean orders newbuilds in China

Korea's STX Pan Ocean Co., Ltd. , whose majority shareholder is STX Shipbuilding, has entered into shipbuilding contracts with Taizhou Maple Leaf Shipbuilding Co.,Ltd., China, for construction of three handy size bulk carriers at a price of around US$28 million per unit to be delivered in 2009 with an option of one additional handy bulker to be delivered in 2010.

The said option must be exercised within three months after the contract signing.

STX Pan Ocean says the construction of these new bulkers is to strengthen the competitiveness of the group's dry bulk fleet and to replace over-aged vessels.