STX Pan Ocean reduces shipbuilding investment by $300 million
Part of efforts to improve its financials.
In a disclosure to the Singapore Exchange, STX Pan Ocean Co., Ltd. announced that the size of its investment amount have been reduced from approximately US$0.8billion to US$0.5billion in respect of the shipbuilding of Open Hatch General Cargo Carriers and Kamsarmax bulkers.
The company reasoned that it did so "because some portion of investment in shipbuilding has been changed to improve the financial structure as the Company has been under rehabilitation proceedings since 17 June 2013."