Dalian: South Korea’s STX Group, said that its Chinese shipyard had succeeded in manufacturing a highly efficient diesel engine, a technological breakthrough that will help enhance its competitiveness.
‘The engine, made in China’s northeastern port city of Dalian, would be installed on a bulk carrier being built at the shipyard, the group said in a statement. The shipyard built its first vessel in December, 2008. STX is the first South Korean shipbuilder to build vessels in China. Its Chinese shipyard was capable of manufacturing 150 high-powered diesel engines a year, STX said. Meanwhile, STX Group said its Norwegian subsidiary will sell US$86 million worth of bonds to help bolster the group’s financial health. STX Norway AS will issue the floating-rate bonds and sell them wholly to Standard Chartered Bank in Singapore, the group said, without disclosing the debt’s maturity. There is plenty of speculation that STX is about to embark on significant staff cuts at its newly acquired French and Finnish subsidiaries.