South Korea has a new shipping company, albeit one with a familiar name. Trading company STX has decided to spinoff a new shipping and logistics arm called STX Green Logis.
After the spinoff, STX will focus on trading raw materials, including secondary battery materials like nickel, while the new entity will deal with shipping and logistics businesses, according to STX.
STX Green Logis will focus on shipping and logistics businesses, including its ship chartering business.
STX used to be a sprawling maritime empire before severe financial difficulties a decade ago brought it down. At its peak, the former STX entity had shipyards and shipping lines including Pan Ocean under its belt, a line now controlled by Harim Group.