Singapore: STX Pan Ocean has joined the Kamsarmax ordering frenzy with newbuildings contracted in China. The Singapore and Seoul-listed shipowner said it had ordered Kamsarmaxes totaling $138m in value from an undisclosed Chinese shipbuilder. Based on current prices the shipowner has contracted for four vessels. "The construction of these new bulkers is to strengthen the competitiveness of the company's dry bulk fleet and to secure vessels for the long-term contracts of affreightment," the company said. [22/06/10]
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