Company Briefs

STX Pan Ocean cancels US$225m orders

STX Pan Ocean Co, South Korea's largest commodities shipping company, has cancelled US$225 million worth of shipbuilding orders, as part of its rehabilitation efforts while under court protection in Korea.

In a release to the Singapore Exchange filed yesterday (where it has a secondary listing), the company said it has reduced its investment in the shipbuilding of open hatch general cargo carriers and kamsarmax bulkers from US$1 billion to US$0.8 billion. It has also halved a US$50 million order for two container vessels, to one container vessel at US$25 million.