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Singnificant car carrier order for STX (Dalian)

Singnificant car carrier order for STX (Dalian)

Seoul: Singapore-listed STX Pan Ocean has commissioned STX (Dalian) Shipbuilding Co to build four new PCTCs, each with a capacity to carry approximately 6,700 units of vehicles, at mid-US$70 million each or a total of around US$300 million. The new orders are in line with STX's planned investment of approximately US$800 million in 16 vessels in 2007.

Two PCTCs will first be delivered in September/December 2009 while the remaining two
will only be delivered in March/May 2010.

'The new orders is a strategic move on the part of STX to capitalise on the current worldwide shortage of PCTCs, particularly set against a landscape of continued and prospective growth in Korea and China's car export industry. Indeed, the global automobile market is flourishing with production forecasted to grow 21% from approximately 62.2 million units in 2005 to more than 75.3 million in 20101. Emerging markets, primarily China, are expected to account for 31% of the growth in global light vehicle production. In line with this, PCTC shipments have increased 5.5% to more than 14 million units in 2005, and are expected to grow a further 5% to 6% annually from 2006,' STX said in a statement.  [30/03/07]