STX Europe ASA

Infobox Company
company_name = STX Europe ASA
foundation= 2008 (old name "Aker Yards")
company_type = Public
location = flagicon|Norway Oslo, Norway (Europe)
(General)
key_people= CEO : Torstein Dale Sjøtveit (Norwegian)
parent = STX Group (88.39%, 2008 08)
industry = Shipbuilding
products = Cruise Ship, Icebreaker, LNG Ship, Offshore & Specialised Vessels
homepage = [http://www.akeryards.com STX Europe ASA]
[http://www.stx.co.kr STX Corporation]
num_employees = 20,000 (STX Europe ASA)
44,000 (STX Total)
assets = $ 5.5billion USD (STX Europe)
$ 23 billion USD (STX Total) 2008 2Q

*STX Shipbuilding is Korea based, the World 5th Shipbuilder.
*Aker Yards is Europe Based, Shipbuilder.
*Aker Yards was renamed to STX Europe ASA in 2008 September.

* STX Europe ASA was born by Result of extraordinary general meeting of Aker Yards in September 03 2008.

Management (2008 09)

*Board of Directors : 2 Korean, 2 Norwegian, 2 French, 3 Labors
*CEO : Torstein Dale Sjøtveit (Norwegian)
*COO : Sang-Ho, Shin (Korean)
*Vice Pres "Sales&Marketing": Juha Heikinheimo (Finnish = Finland people)
*President of "Finnish Yards": Martin Landtman (Finnish)
*President of "French Yards" : Jacques Hardelay (French)

Major shareholders (2008 08)

*88.39% STX NORWAY AS
* 4.40% AKER YARDS ASA
* 4.06% CITIGROUP GLOBAL MAR CGML IPB CUSTOMER CO
* 0.64% UBS AG, LONDON BRANC A/C EQUITIES/CORPORA
* 0.35% STATE STREET BANK AN A/C CLIENT OMNIBUS D
* 0.28% DZ BANK INTERNATIONA INVESTMENT FUNDS
* 0.27% GOLDMAN SACHS INT. - SECURITY CLIENT SEGR
* 0.11% BANK OF NEW YORK, BR BNY GCM CLIENT ACCS
* 0.09% SKANDINAVISKA ENSKIL A/C CLIENTS ACCOUNT
* 0.09% JP MORGAN CHASE BANK NON TREATY AC

TX Europe ASA

*"Aker Yards ASA" => STX Europe ASA
*"Aker France AS" => STX France Cruise SA
*"Aker Norwegian" => STX Norway Offshore AS

History of Name or Owners

*Europe Holding: Aker ASA (1841)→ Aker Yards ASA (2004) → STX Norway AS (07) → STX Europe ASA (2008)
*Finnish Yards : Wartsila(1964) → Kvaerner Masa-Yards(90) → Aker Finnyards (91)→ Aker Finnyards Oy (2006)→ "STX ???"
*Franch Yards : Compagnie Generale Transatlantique(1861) → Alstom(1984)→ Aker France AS(06)→ STX France Cruise SA (2008)

Behind fact

*Early 2007, Aker Yards' old Holding company- Aker ASA was selling stock,
*Late 2007, Aker Yards' old Holding company - Aker ASA's stock was less than 10% about Aker Yards
*at that time, STX bought stock of 39.23% to be global Shipbuilding Group. (in 2007 October)
*in 2008.08, STX have stock of 88.39% and totally 92.79% control.

in 2007,
*Samsung Heavy and Daewoo Marine received a proposition from Aker ASA. "buy Aker Yards"
*Samsung Heavy refused because Samsung Heavy have a plan for Cruise Business in 2010, alone.
*Daewoo Marine refused because Daewoo Marine hate dispersed Yards of Aker Yards.
*The World Largest Shipbuilding Group = Hyundai Heavy Industries was examining about the propositionbut, didn't show any Message to Aker ASA.

The World Big-3 Hyundai, SAMSUNG, DAEWOO didn't need Aker Yards.

Cruise market is limited

*The World's order amount of Cruise Ships is just 10~20 ships in a year,

*in 2005, 12 Cruise Ships was Ordered ($ 7 billion) in the World.
*in 2006, 16 Cruise Ships was Ordered ($ 10 billion) in the World.
*in 2007, 21 Cruise Ships was Ordered ($ 11 billion) in the World.

*Cruise Market is very small.
*so, Share of 3 European Shipbuilders is 90% over. (Fincantieri, Aker Yards, Meyer)

*if new strong rival started Cruise business, almost European Shipbuilders were bankruptcy.
*so, The World Big-3 Hyundai, SAMSUNG, DAEWOO delayed until growth of Cruise Market for life of European Shipbuilders.

*but, STX bought Aker Yards because STX is not same position as The World Big-3.
*STX need new market for agianst expansion of China. and provide for against SlowDown of the World Economy.

The world big-4 family was born

*if STX was entering Cruise Market by new rival, it was Real tragedy to European Shipbuilders.
*but, STX met Aker Yards as Family.
*and, STX be The World Big-4 with Aker Yards by fair way because old Holding company sold stocks.
*STX don't join small Cruise Market alone.
*STX is not rival with Aker Yards, because they are The World Big-4 Family, Now.
*it mean "Cruise Market is not changed ".

TX business parts

*/VLGC, LNG/LPG, Special Ships, Engines...
* 2 China Yards : Car Carrier, Merchant Ships, Plant
* 2 Vietnam Yards: Plant
* 6 Norway Yards: Icebreaker, Offshore & Specialised Vessels
* 3 Finnish Yards: Cruise ship, Icebreaker
* 2 Franch Yards : Cruise ship
* 2 German Yards : LNG ships

*STX and Aker Yards's major business parts are not same. so, will keep fair employment.

New rival can appear any time, anywhere

but, European Shipbuilders are not safe because new rival can appear AnyTime and AnyWhere.
*early 2000, Mitsubishi Heavy Industries built 2 Cruise ships.but, Mitsubishi stoped Cruise business cause loss by High Cost and Fire during building "Diamond Princess" in 2002.but, Mitsubishi heavy industry announced "restart Cruise business" in 2008, Again.

The world big 4's order backlog (US $bn, 2008 2Q)

*Rank 1, Hyundai Heavy 104.1 (including Hyundai Samho, Hyundai Mi-PO)
*Rank 2, Samsung Heavy 50.4
*Rank 3, Daewoo Marine 43.1
*Rank 4, STX Shipbuild 29.9 => STX Ship(12.8) + STX Europe(9.7) + STX Engine(4.4) + STX Dalian(3.0)

The World Big-4 was born by STX Shipbuilding + STX Europe ASA (Aker Yards)

TX position

*Total Employees : 44,000 (STX 24,000 + STX Europe ASA 20,000)

* World Rank 4 (STX Ship + STX Europe)
*Europe Rank 1
*Engine Rank 4 (STX Engine)
*Cruise Rank 2
*Passenger 1 (Cruise & Ferries)
Order backlog, 2008 2Q

*STX Shipbuilding 12.8 (USD billion)
*STX Europe 9.7
*STX Engine 4.4
*STX Dalian 3.0
*STX Total : 29.9 (Not including : STX Enpaco, STX Heavy, STX Pan ocean)

TX group

in 2007
*New Order $ 24 billion
*Revenue $ 17 billion
*Assets $ 18 billion

in 2008 (2Q → 4Q)
*New Order $ 17 billion (2Q) → 2008 4Q $ 38 billion (4Q expectation)
*Revenue $ 13 billion (2Q) → 2008 4Q $ 25 billion +
*Assets $ 23 billion (2Q) → 2008 4Q $ 24 billion

References

*Reuters => http://in.reuters.com/article/asiaCompanyAndMarkets/idINL39200620080903
*Reuters => http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSEO24913720080818
* AFP => http://afp.google.com/article/ALeqM5hlgVOstUKWxCtlaEM3DB5PMvyyuA

ee also

STX Corporation STX Shipbuilding Aker Yards

External

* [http://www.stx.co.kr STX Corporation]
* [http://www.akeryards.com STX Europe ASA] (Aker Yards ASA)