STX Pan Ocean to order boxship

STX Pan Ocean Co., South Korea’s top bulk carrier, has plans to spend 288 billion won ($295 million) to add two container ships to its fleet by 2012. Earlier this year, the shipping company said it plans to spend $810 million in 2008 on 13 new vessels in order to meet rising demand for bulk cargo such as grain and iron ore.

The company, the shipping unit of STX Group, a mid-sized South Korean conglomerate, is seeking to become one of the world?s top five shipping companies by 2010. The company currently owns and operates more than 70 ships.