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STX acquires world-largest VLOC
Wednesday, September 28, 2011, 10:44:02 Paul Yoon ckyoon7@paran.com
STX Pan Ocean (STX) successfully took over “M/V Vale Beijing,” a very large ore carrier (VLOC), on Sept. 27. The vessel has been built at Jinhae Shipyard, STX Offshore & Shipbuilding of Korea, with measurement of 361m in length, 65m in width and 30.5m in height.

STX had signed up in last Sept., 2009, for a long-term COA contract of about KW 7 trillion worth with Vale of Brazil, the world-largest producer of iron ore, booking eight newbuilding VLOCs of 400k-dwt class each. “Vale Beijing” is the first vessel taken over of VLOCs ordered.

She is to be deployed in transport of iron ore over 25 years ahead on Brazil/China/Europe service. The delivery of other seven vessels will be taken in a row namely one in 2011, four in 2012 and two in 2013 and they will be also all deployed in the same transport.

STX expects to hold its expanded sway and enhance its business capacity in the global market, taking the solid lead in advance, by acquiring the first VLOC in the world. The shipping player also foresees that its project of KW 7t worth will kick into high gear with its stable long-term earnings.
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