STX launches first china-made ship

South Korea’s STX Group has completed building the first vessel made by its shipyard in China’s northeastern port city of Dalian. The new 58,000 dwt was delivered to STX Pan Ocean Co., a shipping unit of STX.

“The launch of the first ship is meaningful for STX as the Dalian shipyard is poised as a core base of STX’s global production networks,” STX Chairman Kang Deok-soo was quoted as saying in a statement. STX’s shipyard in Dalian, named the STX (Dalian) Shipbuilding Co., has a backlog of around $4.8 billion and is expected to generate $3.8 billion in sales in 2010, according to the statement.

STX is the first South Korean shipbuilder to build complete vessels in China. The Dalian yard will deliver 29 ships next year and 47 in 2010. STX plans to complete the second-stage of construction to add facilities for building marine engines in the Dalian yard by April 2009.