STX Shipbuilding Co., the world's sixth-largest shipbuilder, received its first order to build a liquefied natural gas tanker. The shares climbed to a record.
Spain's Empresa Naviera Elcano SA agreed to buy the vessel for 211 billion won ($225 million), with an option to purchase three more LNG tankers, which may increase the value of the contract to $1 billion, the Jinhae, South Korea-based company said in a regulatory filing yesterday.
Hyundai Heavy Industries Co. and other South Korean yards took almost half of last year's orders in the $100 billion global ship industry, as demand for fuel and global trade encouraged shipping companies to expand their fleet. STX Shipbuilding said it will focus on more expensive vessels that carry energy products including oil and liquefied natural gas.
"We'll expand businesses into higher value areas by winning orders for very large crude carriers and car carriers," STX said in the statement.
Shares of STX Shipbuilding, which plans to increase orders 13 percent to a record $4.5 billion this year, jumped 7.4 percent to close at 18,900 won in Seoul, while the benchmark KOSPI fell 0.1 percent.
Spain's Empresa Naviera Elcano SA agreed to buy the vessel for 211 billion won ($225 million), with an option to purchase three more LNG tankers, which may increase the value of the contract to $1 billion, the Jinhae, South Korea-based company said in a regulatory filing yesterday.
Hyundai Heavy Industries Co. and other South Korean yards took almost half of last year's orders in the $100 billion global ship industry, as demand for fuel and global trade encouraged shipping companies to expand their fleet. STX Shipbuilding said it will focus on more expensive vessels that carry energy products including oil and liquefied natural gas.
"We'll expand businesses into higher value areas by winning orders for very large crude carriers and car carriers," STX said in the statement.
Shares of STX Shipbuilding, which plans to increase orders 13 percent to a record $4.5 billion this year, jumped 7.4 percent to close at 18,900 won in Seoul, while the benchmark KOSPI fell 0.1 percent.