Game not starting. sidebyside error in event viewer

Windows xp SP3
Net Framework 3.5
vcredist_x86 installed

The game gets to the point where the Ship Simulator Square Logo is on the screen with the words vstep. And a progres bar at the bottom. Just does not go further. But in the event viewer I get this:
Dependent Assembly Microsoft.VC80.CRT could not be found and Last Error was The referenced assembly is not installed on your system.
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Resolve Partial Assembly failed for Microsoft.VC80.CRT. Reference error message: The referenced assembly is not installed on your system.
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Generate Activation Context failed for c:\program files\steam\steamapps\common\ship simulator extremes\channels\ChannelLinker.dll. Reference error message: The operation completed successfully.
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Anybody any ideas? It seems to me like a framework and VC++ runtime libraries. But thats all installed.

I had exactly the same problem. I ran the following:

c:\Programme Files/Steamapps/Common/Ship Simulator Extremes/Resources/redist/dxwebsetup

Rebooted and it then ran

I now have a problem whereby I can get to the game menu but just see a black screen.

Been messing with this game for nearly a week