Reviving STX
STX Offshore & Shipbuilding has succeeded in obtaining a large-scale order, ending a long-time silence since its making the voluntary self-rescue agreement with creditors.
On March 3, the struggling Korean shipbuilder said it obtained an order worth 620 billion won (US$578.9 million) from Navig 8 Product Tankers, a Singaporean shipper, to build 12 crude oil tankers (LR1 tankers) of a 74,000WT level including four optional vessels.
STX Offshore & Shipbuilding will deliver the tankers by the end of June 2016 under the deal with the Singaporean shipper Navig 8.
STX Offshore & Shipbuilding had faced difficulty in winning orders since July last year, when it was placed under a self-rescue plan to normalize its management.
On February 19, however, the creditors including Korea Development Bank decided to additionally support 1.8 billion won (US$1.6 million) to the shipbuilder suffering from a liquidity crunch, which placed a stepping stone for its regaining orders.