Latest news from Heavy Lift & Project Forwarding International Magazine

Little sign of recovery for STX Pan Ocean

November 14 - The debt-ridden shipping firm STX Pan Ocean has reported a huge net loss of USD399.07 million in the third quarter of 2013, compared with a loss of USD88.57 million at the same time in 2012.

Revenue plunged by a staggering 80 percent year-on-year to USD237.74 million in the period ended September 30, 2013. Year to date the shipping company has run up a net loss of USD490.7 million.

The company went into receivership in June of this year after incurring debts of more than USD4.8 billion, largely due to over-expansion during the economic boom and the subsequent freight market downturn, and so far has been unable to show any sign of turnaround.

STX Pan Ocean said that pressure on the global shipping market due to severe overcapacity is expected to ease as deliveries of new ships slow down, noting that new deliveries during the third quarter were down 41.4 percent year-on-year at 12.08 million dwt.

In October, STX Corporation sold 13.9 million shares in STX Pan Ocean to the Korea Development Bank (KDB), increasing the KDB's stake in the company to 14.99 percent, and reducing STX Corporation's from 10.3 to 3.55 percent.

KDB decided against buying the company from the debt-ridden STX Group in June, but stock investors have predicted an eventual takeover of the dry bulk operator by the South Korean bank.

www.stxpanocean.com

Heavy Lift | News

Crowley realigns activities thumbnail image

Crowley realigns activities

May 17 - Crowley Maritime Corporation has realigned its shipping and solutions business units in a bid to enhance its focus on non-asset based customer solutions.
Views: 444
Bob Felix joins UTC thumbnail image

Bob Felix joins UTC

May 17 - UTC Overseas has appointed Bob Felix to its rail logistics team as director of specialised projects.
Views: 667
Qube in LCR takeover thumbnail image

Qube in LCR takeover

May 17 - Australia-based Qube Holdings has acquired industrial logistics service provider LCR Group in a deal valued at AUD135 million (USD93.2 million).
Views: 478

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.