STX Pan Ocean books two new capesizes for $98m
The debt-ridden shipping firm STX Pan Ocean has booked two capesize bulk carriers at a total price of KRW103.7bn ($97.6m) from Hanjin Heavy Industries & Construction.
STX PO revealed that the purpose of the investment is to “secure vessels for the long term contracts for transporting steaming coal”.
The newbuildings are scheduled to be delivered in December 2016, according to the South Korean shipbuilder.
The order announcement followed closely the approval of a debt-to-equity rescue deal for STX PO, which had filed for court protection in June this year.
The rehabilitation plan saw Korea Development Bank emerged as the largest shareholder of the deal with about $1.1bn worth of debts converted into new shares.
The new bookings also came after STX PO culled contracts for ships booked in 2010 by cancelling $300m worth of orders from its kamsarmax bulker and open-hatch general cargo ship.
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