STX Pan Ocean Purchases New Carriers

STX Pan Ocean, South Korea's major shipping company, is picking up speed in purchasing new carriers.

STX Pan Ocean announced on February 8 that it successfully received STX Gloris, a 32,975 DWT bulk carrier constructed in China's Maple shipyard. STX Pan Ocean plans to acquire another seven handysize bulk carriers in 2010.

The newly acquired carriers will reinforce the company's operations in Oceania under STX Pan Ocean's Pacific operations unit.

STX Pan Ocean is committed to cut costs and secure competitiveness of its owned carriers by retiring inefficient old carriers and introducing new carriers. The company will work on expanding its operations in the global market by bringing in new ships when the market situation recovers and its earnings rebounds.

STX Pan Ocean has 76 owned fleets-45 bulk carriers, 20 tankers, eight containers and two car carriers and one heavy lift carrier- totaling 3.76 million DWT. STX plans to continue actively purchasing new carriers.

[Written by Jong-wook Park- Yen-mi Hong/ edited by Soyoung Chung]

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