Shares in STX Pan Ocean powered ahead today after the shipowner revealed a bumper consecutive voyage contract with Brazil’s Fibria Celulose.
As we reported last night STX Pan Ocean is tipped to order 20 open hatch bulkers to meet the demands of the contract.
Shares in STX Pan Ocean shot up over 6% in Seoul after the company announced the CVC alongside plans for a near $180m bond issue.
The company's Singapore-traded shares also gained, finishing at SGD 14.760 ($11.33) each, up 2.9% on the day.
STX Pan Ocean says the CVC, which will involve the loading of around five million tonnes of wood pulp annually in Brazil, will generate revenue of $5bn
The crane-fitted 57,000-dwt newbuildings, which were not mentioned in the shipowner’s statement to investors, are thought to have a price tag of around $50m each.
