Sea-Beijing

STX Pan Ocean, South Korea's No. 1 operator of bulk carriers and the No. 3 shipper, said Friday that it filed for court receivership due to heavy debts and growing losses stemming from the slump in the global shipping industry. "The company ended up filing for court receivership due to a sharp fall in the BDI index, delayed recovery of the shipping industry, oversupply of ships, troubled ship-chartering contract and oil price hikes," STX Pan Ocean said in an e-mailed statement. The country's third-largest shipping firm, established in 1966, has dominated the bulk carrier sector, posting more than 10 trillion won (9 billion U.S. dollars) in revenue in 2008 when freight rates hit the record high. The Baltic Dry Index (BDI), a gauge of prices for moving commodities by sea, marked the highest of 11,793 points in 2008 before dropping to an annual average of 920 in 2012, reflecting the worsening conditions in the global shipping industry. STX Pan Ocean is the shipping unit of cash-strapped STX Group, the country's No. 13 conglomerate. The shipping and shipbuilding group has been struggling from cash shortages amid the downturn in the global industry. Source: http://www.shanghaidaily.com/article/article_xinhua.asp?id=146164

Vale Beijing, one of the world's largest dry bulk carriers, is back in service seven months after being damaged while loading its maiden cargo, amid indications that China eventually plans to allow similar huge vessels to dock at its ports. Reuters reports that the December 6 accident at the Brazilian port of Ponta da Madeira was a major setback for Vale SA, the world's second-largest mining company, in its campaign to cut freight costs to China by using an unprecedented fleet of 35 Valemax very large ore carriers (VLOC). Shipping data showed the 400,000-deadweight-tonne ship, owned and operated by STX Pan Ocean Co Ltd, was due to arrive at the Brazilian port of Ponta da Madeira on August 8 after completing repairs at a South Korean shipyard. The reason for the accident was still unclear. http://www.miningreview.com/node/21109

On Apr 22, 2012, the "Vale Beijing" arrived at Jinhae shipyard in South Korea for repairs.