February 5 - South Korean shipowner STX Pan Ocean is set to launch a new heavy lift project cargo transport service.

The company says it will target project and heavy lift cargoes between Asia and the Middle East, Africa and Europe.

"Despite uncertainties still lingering in the market, we have made the investment decision as rapid development and massive construction projects in the Middle East are expected to stimulate demand for the transport of heavy equipment," the company said.

STX Pan Ocean already owns and operates a single heavy lift vessel the 16,700 dwt STX Rose 1 which recently transported a series of tugboats and barges from Lianyungang in China to Kyaupyu in Myanmar.

The STX Rose 1 has also been used at STX Offshore & Shipbuilding's Jinhae yard to transport ultra-large vessel blocks built on land to the floating dock.

STX Pan Ocean has also advised HLPFI that it is planning to add additional heavy lift vessels to its fleet to keep pace with the recovery in the market.

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