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Polaris Shipping will install open-loop scrubbers on seven of its ships, using Langh Tech systems and retrofitting at South Korea’s STX Offshore & Shipbuilding.

South Korea’s STX Offshore & Shipbuilding has filed for bankruptcy protection in Texas, US in an attempt to prevent its assets from getting seized by creditors.

The weakening tanker market saw Frontline’s net profit fall to $14.3m in the second quarter of the year compared to $78.9m in the first three months.

STX Offshore & Shipbuilding’s restructuring efforts have been impeded by the many lawsuits it has to handle at the same time, the local media reported.

Financially distressed STX Offshore & Shipbuilding has filed for a court-led restructuring scheme last Friday, local media reports said.

South Korea’s STX Offshore & Shipbuilding is heading for court receivership within this month after its prolonged financial difficulties, according to the company’s lead creditor Korea Development Bank (KDB).

STX Dalian Shipbuilding and its six subsidiaries are to be liquidated after a Chinese court terminated their restructuring process, reports said.

The former head of STX Group Kang Duk-soo has been sentence to six years jail for fraud and embezzlement by a Seoul court.

STX Pan Ocean has today received approval for its debt restructuring, comprising two capital reductions and a debt-to-equity deal.

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