STX Pan Ocean in $1bn vessel buying spree

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Seoul: STX Pan Ocean plans to invest $1bn in general cargo vessels and kamsarmax bulkers. The company said it would be buying an undisclosed number of open hatch general cargoships and kamsarmax bulkers for delivery between 2012 and 2014. The South Korean shipowner did not say which yards its was ordering the vessels from. The vessels will be used to service consecutive voyage contracts with Fibria Celulose, Korea South East Power Co and Korea Southern Power Co. [11/11/10]