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STX Pan Ocean orders four handymax ships

STX Pan Ocean orders four handymax ships

Seoul: STX  Pan  Ocean has signed a contract with China-based Nantong Huigang Shipbuilding  for the construction of four new Handymax Bulkers. The contract, valued at just under $30m per unit, will see the fist two ships delivered in 2009 and the remaining two delivered the following year.

The contract also includes an option for the construction of two additional Handymax Bulkers, which must exercised within one month.    

In a statement, STX Pan Ocean said, "The acquisition of these new bulkers is to strengthen the competitiveness of the group's dry bulk fleet and to replace over-aged vessels. These transactions are not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year ending   December 31, 2007."  [03/07/07]