SINGAPORE - Singapore-listed STX Pan Ocean said on Friday it has allocated an additional US$290m for its vessel investment budget for 2008.

In a filing with the Singapore Exchange, STX Pan Ocean said it will use the money to acquire an additional eight handy bulk carriers.

The vessels are set to be delivered between 2010 and 2011.

The South Korean shipping company said in January that it had budgeted US$810 million for 2008 to acquire 11 bulk carriers and two container vessels.

STX Pan Ocean is also listed on the South Korean stock exchange. - CNA/ir