STX Shipbuilding reaches yearly goal within first quarter

STX Shipbuilding Co., Ltd, a shipbuilding company specialized in product carriers (PC), accomplished its full year goal inside of the first quarter with the help of virtual storm of orders.
STX revealed on March 23 that Sun Enterprises Ltd, a Greek Company, ordered four vessels including two options and Safmarine Corporation from South Africa ordered one PC, totaling 150 million dollars. By then, STX recorded 31 vessel orders worth 900 million dollars. STX had previously set their 2003 goal to get 30 vessel orders worth 850 million dollars. Among these orders, 19 of the vessels are worth 570 million dollars. The remaining 12 are worth 330 million dollars and classified as options.
As some options deals can’t be closed within the year in part due to war in Iraq, STX plans to get more orders and not raise its goal further.
A company official said, “If the war in Iraq isn’t drawn out, conditions for the shipbuilding industry could be favorable. And this year would be the year when STX consolidates itself as a leading global Product Carrier builder.”