STX Pan Ocean ’ s board has decided to spend $ 320 million on nine bulk carriers this year , the company said on January 17 . The shipping company is set to take deliveries of 15 new ships , mostly bulk carriers , in 2011 , more than 11 new vessels in 2010 . STX Pan Ocean said that with the purchases , its fleet will grow to 500 ships within this year from 400 vessels , including its own 85 vessels . The company plans to raise its own ships to more than 120 in 2012 . [ Written by Dae - min Park / edited by Soyoung Chung ]