STX Pan Ocean orders two handymax bulkers

STX Pan Ocean Co., Ltd, announced that it has commissioned STX (Dalian) Shipbuilding Co., Ltd. to build two new Handymax bulkers with a capacity of approximately 58,000 DWT each for below 40 million dollars per unit.

These Handymax bulkers are targeted to be delivered before May 2009.

The new orders are part of STX? planned investments of approximately 800 million dollars in 16 vessels in 2007, aimed at strengthening its fleet and delivering sustainable long-term value to shareholders. Particularly with the Group? core competencies lying in the dry bulk business, the new vessels will strengthen the competitiveness of the company? dry bulk fleet and also replace over-aged vessels.

Mr Jong Chul Lee, President and CEO of STX Pan Ocean said, ?e are pleased with our expansion progress. Following our recent announcement in acquiring four new Pure Car and Truck Carriers (PCTCs), we are excited to announce two new builds today which would ride on the improvement of the improving dry bulk shipping market. We are particularly optimistic about the dry bulk market in the mid-term and will endeavour to expand our fleet in 2007. This will be in line with the expansion plans which we have mapped out for this year in bid to achieve our Group? goal of ?ision 2010?which is to steer STX Pan Ocean to become one of the world? top five shipping companies.?To date, STX owns and operates 37 Handy & Handymax bulker vessels as part of its 61 vessel-strong fleet.