STX Greenlogis Collaborates with BNK Busan Bank for Acquisition
"Covering from Small to Large Ships"
The STX consortium, including STX Greenlogis, is acquiring Sun Ace Shipping, a mid-sized shipping company with 30 years of experience. The strategy is to transform into a comprehensive shipping company by securing vessels ranging from small to medium and large bulk carriers.
On the 11th, STX announced that the STX consortium, centered around affiliates such as STX Greenlogis, signed a stock purchase agreement to acquire 95.24% of Sun Ace Shipping's shares in collaboration with BNK Busan Bank.
Founded in 1995, Sun Ace Shipping is a foreign cargo carrier transporting bulk cargo such as steel and coal worldwide, including North America, Europe, Korea, China, Japan, and Russia. As of 2022, its annual steel transportation volume is approximately 4.55 million tons. It is also evaluated to have stable financial health, with annual sales of 77.6 billion KRW, an operating profit margin of 18.7%, and a debt ratio below 40%.
With this acquisition, the STX consortium will evolve from focusing on medium and large bulk carriers to a comprehensive shipping company owning vessels from small to large sizes. Additionally, based on Sun Ace Shipping's demand in steel, coal, and heavy chemical sectors, it plans to expand its customer base to maximize profitability and synergy. STX intends to entrust the transportation of bulk cargo such as wood pellets, tapioca, and steel, which are part of its existing trading items, to the company to ensure stable growth.
A representative of the STX consortium stated, "Since two companies with solid capabilities in the bulk shipping sector have come together, synergy is expected," adding, "We will further strengthen our competitiveness as a global comprehensive shipping company based on the global networks and know-how of both companies."
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