STX Pan Ocean stake up for grabs?

By HeavyLiftPFI2012-12-13T00:00:00+00:00

December 13 - According to reports on the Bloomberg website, South Korea's STX Group is considering the sale of its shareholding in STX Pan Ocean Co, South Korea's largest dry bulk ship operator, as part of a scheme to raise finance via asset sales to red

Bloomberg says the STX Group has advised that talks are under way with domestic and international investors for its 36 percent stake, believed to be worth about USD250 million at current prices.

STX Pan Ocean operates a large fleet of owned and chartered ships, including dry bulk vessels, container ships and tankers, as well as six geared heavy lift ships and one semi submersible barge. The company's main business in this sector is the transport of heavy and over-dimensional cargoes from the Far East to the Middle East.

More to follow.

www.stxpanocean.com

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