Yonhap reported that STX Pan Ocean Co plans to spend USD 320 million on nine bulk carriers in 2011.

According to the company, it is set to take deliveries of 15 new ships in 2011, more than 11 new vessels in 2010. STX Pan Ocean said that that with the purchases, its fleet will grow to 500 ships from 400 vessels in 2010.

A company official that "The fleet addition will help us expand our presence in the bulk shipping sector."

(Sourced from www.yonhapnews.co.kr)