STX Pan Ocean Co., South Korea's largest carrier of bulk cargoes such as grain and iron ore, said Wednesday that it plans to spend $810 million this year on 13 new ships, including 11 container ships, compared with last year's $800 million expansion.
The company, the shipping unit of South Korea's mid-sized STX Group, is seeking to become one of the world's top five shipping companies by 2010. The company owns and operates more than 70 ships.
Shares of STX Pan Ocean were trading at 2,595 won ($2.76) as of 10:36 a.m., down 1.33 percent.