STX Gets First Order for LNG Tanker

STX Shipbuilding Co., received its first order to build a liquefied natural gas tanker. The shares climbed to a record. Spain's Empresa Naviera Elcano SA agreed to buy the vessel for 225 million dollars, with an option to purchase three more LNG tankers, which may increase the value of the contract to 1 billion dollars, the company said in a regulatory filing.

Hyundai Heavy Industries Co.(HHI) and other Korean yards took almost half of last year's orders in the 100 billion dollar global ship industry, as demand for fuel and global trade encouraged shipping companies to expand their fleet. STX Shipbuilding said it will focus on more expensive vessels that carry energy products including oil and liquefied natural gas.