STX Pan Ocean awards US$50m contract to major shareholder

STX Pan Ocean has awarded the tender for the building of two product oil/chemical tankers to a substantial shareholder, STX Shipbuilding.
The award followed an open tender exercise carried out over six days in January.
The exercise attracted only one bid from STX Shipbuilding, which put in a bid of under US$25 million for the building of each of the tanker. STX Pan Ocean said the new tankers would improve the competitiveness of its tanker business.
The tankers are expected to be delivered in 2009.