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.

Heavy Lift | News

Marine insurance: Reducing costs and capacity thumbnail image

Marine insurance: Reducing costs and capacity

September 19 - Marine insurance providers are commoditising their products in order to reduce costs. The result, according to the International Union of Marine Insurance (IUMI), is a loss of expertise.
Views: 171
Zeaborn forms JV with MPC thumbnail image

Zeaborn forms JV with MPC

September 18 - Zeaborn Group has formed a joint venture with MPC Capital Group to handle the chartering and commercial management of a fleet of more than 160 container and bulk carriers.
Views: 347
DHL strengthens network in Middle East and Africa thumbnail image

DHL strengthens network in Middle East and Africa

September 18 - DHL Industrial Projects is opening a centre of excellence (COE) in Dubai as well as offices in Egypt, Ethiopia, Kenya and Turkey to coordinate complex logistics projects in the Middle East and Africa.
Views: 408
ALE plans Swedish branch thumbnail image

ALE plans Swedish branch

September 18 - ALE will open an office in Sweden during the last quarter of 2019 as it looks to expand its operations in Scandinavia.
Views: 371

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