STX improves ranking

South Korea’s STX Shipbuilding Co. climbed up a notch to become the world’s sixth-largest shipyard by order backlog as of the end of October, a London-based market researcher said Thursday. STX Shipbuilding had an order backlog of 29 million compensated gross tons (CGTs), up from 28.31 million CGTs the previous month.

STX Group obtained a controlling stake in Daedong Shipbuilding, based in the south-eastern city of Jinhae, and renamed it STX Shipbuilding in late 2001. The shipyard’s main products are petrochemical carriers from 60,000 to 80,000 DWT class and 4,000 TEU class container carriers. The shipbuilder attributes its brisk business to tapping into emerging markets such as India. “We seek to leapfrog rivals and be the world’s fifth-biggest shipyard by clinching orders in high-value-added ships such as liquefied natural gas carriers,” the company said in a statement.

In late September, STX Shipbuilding revised its annual order target upward to 73 ships worth $3.6 billion from an earlier plan of 54 vessels worth $2.6 billion, as high-flying oil prices boosted demand for crude carriers.