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STX Pan Ocean axes $225m worth of newbuildings

STX Pan Ocean axes $225m worth of newbuildings
STX Pan Ocean has axed $225m worth of newbuilding orders as part of its rehabilitation plan.

The insolvent shipowner and operator listed in Singapore and Korea said it had reduced its investment in open hatch bulk carriers and kamsarmax bulkers to $800m from $1bn previously. No details on the numbers of vessels cancelled were given.

The South Korean shipowner said it had also reduced a $50m order for two containerships to one for $25m.

In both cases the company said the change was, “because some portion of investment plan for shipbuilding has been changed as the company has been under rehabilitation proceedings since 17 June 2013”.

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