STX Pan Ocean announced that it has entered into a shipbuilding contract with a Chinese shipyard, in respect of the construction of Kamsarmax Bulkers at a total price of approximately US$138m. We understand the construction of these new bulkers is to strengthen the competitiveness of the Company’s dry bulk fleet and to secure vessels for the long-term contracts of affreightment(COAs).
Based on last closing price of $13.2, the stock trades at 12.3x FY10 and 11.2x FY11 PER. The Co is participating in UBS Korea Conference in 21-22 Jun 2010.
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