Pan Ocean

Oshima Shipbuilding has recently clinched a contract from restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) for two (2) 64K DWT ultramax bulk carrier new buildings, set for delivery in 2026. Additionally, Greek shipowner and operator Alassia NewShips Management lnc has ordered two (2) 64K DWT ultramax bulk carrier new buildings and one (1) 82K DWT kamsarmax bulk carrier new building from Oshima Shipbuilding. The two (2) 64K DWT ultramax bulk carrier new buildings are scheduled for delivery in the Q4 2024, while the one (1) 82K DWT kamsarmax bulk carrier new building is expected in 2025. Amidst its booming orderbook, Oshima Shipbuilding has expanded its operations by taking over Mitsubishi Heavy Industries’s Nagasaki Shipyard & Machinery Works (Koyagi). Oshima Shipbuilding commenced the construction of its first bulk carrier at this new location in April 2023. 9-October-2023

 

In the vibrant landscape of South Korea, a novel maritime establishment emerges, albeit bearing a time-honored appellation. The illustrious trading house, STX, has chosen to inaugurate a distinct arm dedicated to shipping and logistics, christened STX Green Logis. Subsequent to this division, STX shall pivot its attention towards the trading of elemental commodities, emphasizing secondary battery constituents such as nickel. In contrast, the freshly-formed STX Green Logis will immerse itself in the intricate realms of shipping and logistics, encompassing its venerable ship chartering ventures. The name STX resonates with historical grandeur, once a colossal maritime dynasty, only to see its zenith succumb to profound fiscal adversities a mere decade prior. At the pinnacle of its reign, the ancestral STX conglomerate boasted shipyards and prestigious shipping conduits, with names such as Pan Ocean in its repertoire, a lineage presently overseen by the Harim Group. 17-August-2023

 

Restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) signed period deals on Friday. Spot dry bulk market improved after the Lunar New Year. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean chartered in 2019 built kamsarmax bulk carrier 81K DWT MV Taho America from Taiwan-based shipowner Ta Ho Maritime for $25,000 per day for around two years. 11-February-2022

 

Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has published plans to delist its shares from the Singapore Exchange (SGX). Pan Ocean announced that the company will offer to buy up shares at $6.56 each. Pan Ocean answered the delisting is not a take-private exercise as the Pan Ocean plans to maintain its primary listing on the Korea Exchange (KRX). According to South Korean shipowner and operator Pan Ocean keeping its dual listing status channels to numerous compliance and costs and that these resources could be properly spent on business operations. South Korean shipowner and operator Pan Ocean has not carried out any action to boost cash funding on the Singapore Exchange (SGX) since 2015. Pan Ocean delisting is subject to the approval of the Singapore Exchange (SGX) and both the delisting and exit offer will be conditional on obtaining endorsement from shareholders at the general meeting. In Q1 2021, South Korean shipowner and operator Pan Ocean reported an operating profit of $43.3 million. Currently, Pan Ocean controls around 221 bulk carriers. 14-June-2021

 

Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has been trying to sell its oldest capesize bulk carrier for demolition. Pan Ocean wants to scrap 1998 built capesize bulk carrier 149K DWT MV New Joy. Currently, Pan Ocean is anticipated to earn around $5 million from MV New Joy demolition. 8-June-2020

 

Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean dodged the collapse in dry cargo rates in the Q2 with only a mediocre year-on-year decline in net profit. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean reported a net income of $30 million for Q1 2019. South Korean shipowner and operator Pan Ocean reported revenue of $528 million for Q1 2019. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean clarified that the continuing US-China trade war also diminished demand for shipping. 15-August-2019

 

Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has reported net earnings of $83 million in 2016 comparing to $34 million in 2015. STX Pan Ocean was taken over by the Korean Harim Group in May 2015. Furthermore, after restructuring the Pan Ocean process, Pan Ocean bought dry bulk carriers from former Hanjin Shipping for $42 million in total. Pan Ocean has also ordered seven (7) newbuilding bulk carriers at Singapore-listed Yangzijiang Shipbuilding. 3-April-2017