STX Group, a South Korean shipping and shipbuilding conglomerate, said Friday its Chinese unit has clinched a 200 billion won ($187 million) deal to build four bulk carriers.
Under the deal with a European shipping firm, STX Dalian Shipbuilding will build the vessels at its yard in Dalian, a port city in northeastern China, and deliver them by the first half of 2015, the group said. The group did not reveal the name of the buyer.
A group official said STX Dalian Shipbuilding, based on its strong competitive edge, will be able to win more orders this year despite the sluggish global market for shipping vessels.
The latest contract comes as STX Group is seeking to sell units and affiliates as part of efforts to secure cash, thus putting its balance sheet in good shape. Its shipping unit, STX Pan Ocean Co., is also set to be sold.
Last month, STX said it has signed a temporary deal with Fincantieri Oil & Gas SpA to sell its stake in STX OSV Holdings Ltd.
The group also sold its energy unit to Orix Corp. of Japan for some 360 billion won. (Yonhap News)
