October 2 - Having received approval from the relevant court, Korean shipowner Pan Ocean has put itself up for auction.

An announcement on the Singapore stock exchange stated that the court has approved the public advertisement on the public tender notice of mergers and acquisitions, which will proceed with a public bidding process.

The sale was advertised in two South Korean newspapers; the Maeil Business Newspaper and Korea Economic Daily.

Pan Ocean - which was called STX Pan Ocean at the time - went into receivership in June 2013 having incurred debts of more than USD4.8 billion.

In April of this year, the shipping line cancelled an order for a 30,000 dwt semi-submersible vessel, thought to have been valued at USD80 million.

www.panocean.com

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