STX Pan Ocean expands its tanker fleet

STX Pan Ocean expands its tanker fleet

STX Pan Ocean said on Nov. 23 that they placed orders for three new mid-range (MR) vessels worth $130 million from sister company, STX Shipbuilding.

The deal represents the exercise of an option held by STX Pan Ocean in October 2005 plus two new fresh orders.

Delivery of the vessels will take place in 2008 and form part of the company’s Vision 2010 plan to diversify its activities.

The vessels costs apporoximately $40 million each.

Though historically known as a drybulk owner STX Pan Ocean is pushing ahead with the expansion of its tanker fleet and in September clinched its first ever VLCC deal, signing a five-year charter on the 259,000-dwt single-hull Front Tobago (built in 1993).

STX Pan Ocean already has two MR tankers under construction at STX Shipbuilding for delivery in March 2007.