STX to take over Pan Ocean

Korea Development Bank (KDB) has selected STX as a preferential bidder for the Korean shipping company Pan Ocean. The bank commented that STX won the bidding because of employment stability, purchase condition as well as price. At present, Pan Ocean owns 57 ships and charters around 200 ships.

KDB owns 64% of Pan Ocean and three other Korean banks own 19% stakes. Last year, Pan Ocean recorded W1.9 trillion in turnover and W77.8 billion in operating profit. Even though there is no indication about the purchasing price, STX is believed to have taken over 67% of Pan Ocean shares and total purchasing price will be around W 440 billion.