SINGAPORE—STX Pan Ocean Co., South Korea’s largest commodity carrier, may award a contract to build two vessels to biggest shareholder STX Shipbuilding Co. after a tender.

The shipbuilder submitted the lowest bid price of $214 million for the contract for two capesize vessels, STX Pan Ocean said in a statement to the Singapore stock exchange Monday.

STX is spending $810 million expanding its fleet to meet growing demand for commodities from China and India. The Baltic Dry index, a measure of commodity shipping costs, has more than tripled in the past five years.

China may import 555 million metric tons of iron ore, used in steel making, in 2010, an increase from 384 million tons in 2007, the Seoul-based company said in a separate statement Monday.

STX Pan Ocean has ordered 13 vessels in the first half, including nine bulk carriers. STX Shipbuilding owns 32.4 percent of STX Pan Ocean.

STX Pan Ocean dropped 2.1 percent to S$2.33 at the close of the morning session in Singapore. Its shares in South Korea gained 2.7 percent to 1,890 won as of 2:49 p.m. in Seoul. STX Shipbuilding dropped 1.2 percent to 23,900 won. (Bloomberg)

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STX Pan Ocean may award order for ships to shareholder

SINGAPORE—STX Pan Ocean Co., South Korea’s largest commodity carrier, may award a contract to build two vessels to biggest shareholder STX Shipbuilding Co. after a tender.

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