UBS buys shares in STX Pan Ocean

Seoul: Swiss financial services giant UBS has completed the acquisition of a 5.47% stake in STX Pan Ocean. Although the South Korea-based shipper declined to reveal the value of the purchase, a spokesperson for STX Pan Ocean told SeatradeAsia-Online, "UBS have bought about 1m shares."

STX Pan Ocean operates a fleet of 59 owned vessels (made up of bulkers, car carriers, tankers and container vessels) and charters in approximately 200 ships at any given time. It boasts an annual turnover of about $2bn. A spokeswoman for UBS told AFP that the investment was 'non-strategic'. No additional details have been made available at this point. [09/10/07]