HMM Intros Scrubber Installation Fund
South Korean shipping company Hyundai Merchant Marine (HMM) announced that it has signed a memorandum of understanding (MOU) to establish a win-win fund for scrubber installation in preparation for IMO 2020 and to seek cooperation in the shipping-related industries.The total investment amount will be KRW 153.3 billion (USD 135.8 million) which consists of HMM’s investment of KRW 46 billion and the rest of the amount of KRW 107.3 billion (including Korea Ocean Business Corporation’s…
eMARINE Global Wins Warship ECDIS Contract with Hanjin Heavy
The provider of information and communications technology for the maritime industry eMARINE Global announced its second contract with Hanjin Heavy Industries & Construction (HHIC) to deliver its Warship Electronic Chart Display & Information System (WECDIS) for four new Republic of Korea (ROK) Navy patrol ships.The maritime ICT provider in South Korea said in a press release that in 2018, it successfully delivered on the first phase of this project, installing its innovative WECDIS technology on the first four patrol ships.
Chinese Eye Philippines Hanjin Shipyard
Two Chinese shipbuilding companies have expressed intent to invest in the largest Philippine shipyard, debt-riddled Hanjin Heavy Industries and Construction Philippines, the Department of Trade Industry (DTI) said.Drowning in debt, the Philippine business of the Hanjin Group of South Korea, has asked the government for help in search of an investor who would take over the business and save the troubled shipbuilder.Philippines Rodrigo Duterte administration has stepped in to help save the troubled investor in Subic.According to local media reports…
GoodBulk Takes Delivery of Two Capesizes
Greek dry bulk owner Goodbulk announced that in January it took delivery of two Capesize vessels and sold another one Capesize. The Company took delivery of the Aquaproud, a 2009 built Capesize vessel of 178,057 dwt built by Shanghai Waigaoqiao Shipbuilding (SWS), China on On January 24, 2018. The purchase, which is the third to deliver of six option Capesize vessels acquired from funds managed by CarVal Investors on December 20, was financed with a combination of cash on hand…
HMM Orders New Carriers
South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. "HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources. HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard.
New 11,000 TEU Ship Enters Service for Zim
The newly built 11,000 TEU vessel Cape Sounio owned by Costamare has been deployed on Zim’s Asia South America East Coast (ASE), the Israeli container shipping company said. The vessel embarked on its maiden voyage on from Pusan, South Korea, on May 4, on its regular route calling ports in Brazil, Uruguay and Argentina, connecting to major Asian ports. Built at Hanjin Heavy Industries and Construction Philippines (HHIC Phil) and delivered in April, 2017, Cape Sounio is the largest vessel to serve in this line and the largest currently employed by ZIM.
Ship-to-ship LNG Bunkering Starts in Port of Zeebrugge
The bunkering vessel ENGIE Zeebrugge performed in the port of Zeebrugge, Belgium, its first deliveries of liquefied natural gas (LNG) as a marine fuel to M/V Auto Eco and M/V Auto Energy, the two new gas-propelled pure car and truck carriers (PCTCs) of UECC. The LNG bunkering operations were conducted simultaneously while cargo operations for PCTCs were taking place. ENGIE Zeebrugge, which is the world’s first purpose-built LNG bunkering vessel, arrived in Zeebrugge at the beginning of April after delivery from Hanjin Heavy Industries & Construction Co.
Hanjin Heavy Delivers Purpose-Built LNG Bunkering Vessel
ENGIE, Fluxys, Mitsubishi Corporation, and NYK have taken delivery of the world’s first purpose built liquefied natural gas bunkering vessel (LBV) from Hanjin Heavy Industries & Construction Co. Ltd., at the Yeongdo shipyard in Busan, Korea. She will run on LNG for her maiden voyage, after a few days of loading LNG delivered by trucks at the shipyard. Zeebrugge in Belgium will be the home port of the vessel, which has been named ENGIE Zeebrugge accordingly. From there, the 5,000 m3 LNG capacity LBV will supply LNG as a marine fuel to ships operating in Northern Europe.
HHIC Seals Deal with Creditors
Cash-strapped South Korean shipbuilder Hanjin Heavy Industries & Construction (HHIC) has signed a memorandum of understanding (MOU) with its creditors to receive a KRW 120bn ($103m) cash injection, and will sell off property and businesses worth KRW 2tr ($1.71bn) as part of its self-restructuring plans. The shipbuilder entered workout program with nine creditor institutions led by its main creditor Korea Development Bank (KDB), four months after it applied for the procedure to seek debt relief and bailout.
Hanjin Rolls Out First Philippine-made LPG carrier
Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the first-ever Philippine-made Liquefied Petroleum Gas (LPG) carrier. The ship was ordered by Belgian shipping company Exmar Shipping BVBA and was christened as “Kaprijke” by company owner Saverys family. The vessel, which will enter the TGP-Exmar Joint Venture fleet, is part of a large ship building initiative in the Philippines. The LPG carrier measures 180 meters in length, 29.4m in breadth and 18m in depth.
Korean Shipyards Bullish on Mega Vessels
As the construction of ultra large container ships gained momentum, Korean shipyards are sweeping up the market, according to a report appeared in Business Korea. Total orders of 21 container ships exceeding 20,000 TEU in capacity were placed globally from the end of last year to date. Korean shipyards - Samsung Heavy Industries (SHI), the Philippines' Subic Shipyard of of Hanjin Heavy Industries & Construction (HHIC), Daewoo Shipbuilding & Marine Engineering (DSME), and Hyundai Heavy Industries (HHI) - have won 19 of the orders, virtually sweeping the market.
Costamare, York Capital to Extend Shipping Pact
Greek ship-owner Costamare and US-based hedge fund York Capital Management are considering extending the life of their investment joint venture that has already spent more than $1 billion on new and secondhand container ships. “Our joint venture with York has been progressing quite well and since inception we have done deals of $1.1bn. All investments have been performing well and we are currently in discussions with our partner regarding the extension of the investment period,” Gregory Zikos, the CFO of Costamare commented in a statement.
Philippines' Subic Shipyard books $5B in Sales
Hanjin Heavy Industries is trying hard to retain its leadership by reviving the shipyard in Subic Bay, the Philippines. HHIC-Phil’s Subic Shipyard is the largest shipyard in the Philippines with 300 ha in total area, which opened in Subic Bay in 2009. In just five years, the company reached US 5 billion dollars in sales and strengthened its leading position in the Philippines, says a company press release. In five years it was able to strengthen its leading position in the Philippines.
Bureau Veritas to Class First LNG Bunker Barge
International classification society Bureau Veritas has been chosen to class the unique LNG bunkering vessel which will be built at Hanjin Heavy Industries, Korea, under an agreement between Japan’s NYK and Mitsubishi and France’s GDF-SUEZ. The vessel will carry 5,000 cu m of LNG for ships’ fuel stored at 4 Bar in two IMO Type C pressure tanks. Delivery is set for 2016 when the vessel will operate from the Fluxys LNG Terminal in Zeebrugge, initially supplying LNG fuel from GDF-SUEZ to the fleet of United European Car Carriers.
ABS Elects New Council and Committee Members
At the 151st Annual Meeting of the Members of ABS, and the subsequent meeting of the ABS Council, industry leaders were elected to serve on a number of bodies that contribute to the operation of the classification society as it fulfills its mission of promoting the security of life and property and preserving the natural environment. "ABS' strength as a global classification society is drawn from its membership and the many regional, national and technical committees that contribute to the process of developing practical, impartial and authoritative standards," said ABS Chairman Robert D.
Rio Tinto Marine Registers Another Ship in UK
'RTM Cook', built at Hanjin Heavy Industries in Subic Bay, Philippines, first of eight new RTM bulkers to fly the Red Ensign. Rio Tinto Marine provides services to the Rio Tinto Group to ensure that maximum efficiency is achieved in all of their mine-to-market supply chains, a critical aspect of Rio Tinto's mining business. In 2011 they shipped 160 million tonnes of dry bulk cargo and accounted for nearly 100,000 container movements. The company has now embarked on a new build programme, with 15 new buildings to be delivered by the end of 2014.
Box Ships Acquires MSC Emma
Box Ships Inc., a shipping company specializing in the transportation of containers, announced today that it has entered into an agreement with an unaffiliated third party to purchase the MSC Emma, a 5,060 TEU Panamax containership built in 2004 at the Hanjin Heavy Industries shipyard in Korea. The $55 million for the acquisition will be financed without issuing any additional equity. The company also announced that it has entered the vessel into a period time charter agreement with Mediterranean Shipping Co. S.A.
Danaos Adds Two More Newbuilds to Fleet
Danaos Corporation (NYSE: DAC), on May 17, 2010 and May 19, 2010, took delivery of two newly built containerships, the CMA CGM Nerval and the YM Mandate, expanding its operational fleet to a total of 44 containerships aggregating 190,229 TEU. The CMA CGM Nerval, built at Sungdong Shipbuilding & Marine Engineering and the YM Mandate, built at Hanjin Heavy Industries & Construction Co. have both a carrying capacity of 6,500 TEU, are 984 ft long, 131 ft wide and have a speed of 25,60 knots.
Korea Shipbuilders Win Orders Worth $1B
According to a Jan. 12 report from The Chosum Ilbo, Korean shipbuilders won new orders worth over $1b in the first 10 days of the new year, in a complete reversal of the situation last year. STX Offshore & Shipbuilding and Hanjin Heavy Industries delivered the good news on Jan. 11, and Daewoo Shipbuilding & Marine Engineering and Sungdong Shipbuilding & Marine Engineering won new orders earlier. Industry insiders said an overseas marketing drive in the second half of last year finally paid off. (Source: The Chosun Ilbo)
ABS Adds to Membership
At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L.
Korean CG Relies on MTU Propulsion
The Tognum business unit Engines received two orders for the supply of a total of 28 MTU engines from the Series 2000, Series 4000 and Series 1163 to the Korean Coast Guard in 2009. The orders also include MTU automation systems for six new vessels. The total order value is $55.6m. The engines and automation systems will be installed in new patrol boats with displacements of 300, 500, 1000 and 3000 tons. Contractual partners are the Korean companies STX Engine Co., Ltd, who manufactures the MTU engines under licence, and the MTU distributor, Meksan Engineering Co.