STX Pan Ocean Embarks on Enterprise Transformation Project With IBM Korea and STX ForceTec

STX Pan Ocean, one of the world’s largest dry-bulk shipping companies, has appointed IBM Korea and STX ForceTec to transform STX Pan Ocean’s core processes and IT infrastructure as part of a two year, US$15 million enterprise transformation project.

The project aims to create the business and technology infrastructure necessary for STX Pan Ocean to grow and diversify its business and combat the challenges faced by the shipping industry. Shipping companies globally are threatened by rising raw material costs, exchange rate fluctuations, the slow down in the growth of the world economy, and industry consolidation.

STX Pan Ocean’s corporate objective is to become one of the world’s top five shipping companies. To grow, STX Pan Ocean is changing its revenue mix by: diversifying into LNG shipping, expanding its tanker, containership and car and truck carrier operations, and strengthening its existing core dry bulk business. STX Pan Ocean also plans to leverage market opportunities presented through STX Shipbuilding, STX Engine & other STX subsidiaries.

“This initiative will allow STX Pan Ocean to improve its competitiveness and become a leading shipping company. The listing of STX Pan Ocean offers us a fresh start. By transforming our processes and supporting technology, we will be better positioned to diversify our business, drive growth and improve our ability to respond to rapidly changing customer needs. This project is a key part of our future success,” said STX Pan Ocean President, Jongchul Lee.

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