SEOUL—STX Pan Ocean Co., South Korea’s largest carrier of commodities, may raise 590.1 billion won ($630 million) in the biggest stock sale by a dry-bulk operator, two people familiar with the matter said.

STX Pan Ocean sold 343.1 million shares at 1,720 won each in Seoul, the people said, declining to be identified as details aren’t public. The shares are expected to start trading on September 21 in Seoul, they said.

The shipping line, whose shares already trade in Singapore, plans to spend about $800 million for 16 vessels this year as China’s booming demand for raw materials helped bulk-cargo rates almost double since the end of 2006. Its stock has surged 176 percent this year.

Seoul-based STX Pan Ocean, in a statement e-mailed to Bloomberg News, declined to comment on the sale, reported earlier by Dow Jones.

STX Pan Ocean operates 348 ships that carry cargo including grain, oil, cars and containers. The company plans to begin transporting liquefied natural gas for Korea Gas Corp. next year.

The company’s first-half net income increased almost sixfold to $178.4 million after it raised rates. Dry-bulk sales, which accounted for 90 percent of total revenue, jumped 78 percent from a year earlier, helped by growing shipments of iron ore and coal from Brazil and Australia to Asia.

The Baltic Dry Index, an overall measure of commodity-shipping costs on different routes and ship sizes, rose 0.8 percent to a record 8,477 Monday.

STX Pan Ocean shares were suspended from trading in Singapore Tuesday pending an announcement related to its listing in South Korea. (Bloomberg)

Probe cuts Hyundai shares

SEOUL—Hyundai Merchant Marine Co., South Korea’s second-largest shipping line, fell by the most in almost a month in Seoul following a report that South Korea’s financial watchdog is probing allegations of stock manipulation.

SEOUL—STX Pan Ocean Co., South Korea’s largest carrier of commodities, may raise 590.1 billion won ($630 million) in the biggest stock sale by a dry-bulk operator, two people familiar with the matter said.

SINGAPORE—The gross output of China marine sector reached RMB 1.13 trillion in the first half of 2007, up 13.5 percent compared with that of the same period of last year, and it accounted for 10.62 percent of the total GDP figure, said in the semiyearly report by the State Oceanic Administration on Tuesday.

LONDON—Goldenport Holdings Inc., the first Greek shipowner to list shares on the London Stock Exchange, said first-half profit climbed 49 percent on higher demand for commodity carriers. Its stock rose to a record.