STX Raises Target

STX Group, of which STX Shipbuilding Co. is an affiliate, has almost doubled its ship order target to $10 billion according to a report on Bloomsberg. This news is reported on the heels of a report that Daewoo Shipbuilding’s projections for 2007 has soared nearly 55%, from $11 to $17B. The previous order target for the year for STX had been $5.3 billion. The main driver for the dramatic rise: increasing orders for high-valued ships such as large containerships and VLCCs, according to the report. (Source: Bloomberg)