STX Offshore & Shipbuilding Co., Ltd. Obtains New Orders According to BAC Report10 Aug 2012 • by Natalie Aster
LONDON - STX Offshore and Shipbuilding continues its efforts in obtaining new orders to ensure future profits. In May, for example, the company signed contracts totaling USD 120 M value. Among them are orders for two 6,500 CBM LPG carriers and two 50,000 DWT tankers, all from Greek customers. The ships will be completed by Q1 2014 at Busan and Jinhae shipyards. STX Offshore is also in the process of discussing a massive order from Middle East for LNG and LEG carriers, which would cost USD 430 M.
STX Offshore will focus on European region to obtain more orders as there are countries that currently increase their demand for middle-size to big ships. Besides, the company has already earned a good reputation in the region with its MR tankers, and plans to improve that effect.
Financial performance of STX Offshore is inconsistent. The company fails to deliver steady performance due to the contract nature of its business. In 2011 its incomes significantly improved against slow 2010: revenue went up 24.5% to KRW 11,096.2 B, gross profit added 114.6% to KRW 1,164.9 B, operating income amounted KRW 595.3 B (up 383.5%), and net income was able to become positive again at the level of KRW 71.1 B. The first quarter of 2012 brought an improvement in profit margin: revenue equaled KRW 2,668.6 B, gross profit equaled KRW 247.3 B, operating income reached KRW 117.7 B, net income was KRW 32.4 B.
Founded in 1967 and headquartered in Gyeongsangnam-do (Korea), STX Offshore and Shipbuilding engages in design, development and contract manufacture of ships: LNG carriers, ultra large containerships and VLCCs, tankers, pure car & truck carriers, naval vessels. The company also offers ship components such as diesel engines or propellers. Operating as a subsidiary of STX Corporation, STX Offshore is independent entity with shares trading on Korea SE under the ticker 067250.
Further information and details on the company’s activities, risks and opportunities, news and competitors can be found in the report “STX Offshore & Shipbuilding Co., Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.
STX Offshore & Shipbuilding Co., Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Jul, 2012
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