Shareholders OK HHI Split-up Plan
Shareholders of Hyundai Heavy Industries (HHI) have approved the South Korean shipbuilder's split-up plan amid fierce opposition from its labor union.According to local media reports, Hyundai Heavy Industries, , South Korea's largest shipbuilder, is now divided into mid-holding companies and subsidiaries engaged in shipbuilding, special ship, offshore plant, engine and machinery business.HHI changed its name and mission to the Korea Shipbuilding & Marine Engineering Co., Ltd.
Trafigura Sends More Asian Gasoline to Americas
Commodity trader Trafigura is shipping this month a second newly built crude tanker with Asian gasoline onboard to South America amid strong demand in the West, four industry sources who closely monitor petrol trade flows said on Thursday.Although it is not uncommon for traders to use a brand new crude tanker of 150,000 deadweight tonnage (dwt) to ship clean fuels such as diesel, it is rare to use them for gasoline because of the sheer size."South America likely needs gasoline more than gasoil now.
Workforce Down by 27% at S. Korea’s ‘Big 3’ Shipbuilders
South Korea's Big Three shipbuilders - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - have hit record low in workforce.According to a report in Business Korea, the total number of employees in South Korea's Big Three shipbuilders has plunged a whopping 27 percent compared to 2011.The “big three” shipbuilders had 36,757 employees on the payroll last year, down 27.04 percent from 50,377 in 2011.The figure decreased to 35…
TMS Cardiff Gas Orders Four LNG Carriers at Hyundai Heavy Industries
Greek gas carrier owner and operator TMS Cardiff Gas has signed additional contracts with Hyundai Heavy Industries (HHI) & Samsung Heavy Industries (SHI) of Korea for the construction of 174,000 cubic meter LNG carriers with XDF propulsion. The Greek corporation said that this order is the latest in the Company’s X Carrier Series of orders taking the tally of X Carriers Series within the fleet to eleven. The Company’s fleet of managed vessels has grown to sixteen. The vessels are scheduled for delivery in 2020/2021…
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.
Update: Maersk Honam Heads for Rebuild
The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt. The sound section of Maersk Honam was successfully loaded aboard the heavy-lift vessel Xin Guan Hua on open waters outside Dubai (UAE) on Saturday, 2 February. It was expected to pass Singapore Strait on Monday, 18 February 2019. The heavy-lift vessel will deliver the 228.5-metres-long section from midship to stern at Hyundai Heavy Industries Shipyard in South Korea in March…
KNOT Concludes TC Contract for Two Shuttle Tankers
Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) has concluded a time-charter contract for two shuttle tankers with Equinor ASA for a maximum 20-year period starting in the second quarter of 2020.KNOT is a NYK Group company, in which NYK has a 50 percent share.The contract aims to use two 152,000 DWT Suezmax tankers equipped with dynamic-positioning systems built by Hyundai Heavy Industries Co. Ltd. to shuttle crude oil produced in waters off Brazil.Upon commencement of this contract…
Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships
South Korea's largest shipping line Hyundai Merchant Marine (HMM) said it will invest 3.153 trillion won ($2.84 billion) for 20 new large containerships to be delivered by June 2021.In June this year, the company signed letters of intent for ship orders with South Korea's top three shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries.DSME and Samsung will build seven and five 23,000 TEU vessels respectively, which are expected to deliver in the second quarter of 2020.
Government Okays USD 1.2 bln for Korea Ocean Business Corporation
The government of South Korea decided to invest 1.35 trillion won (USD 1.2 billion) in Korea Ocean Business Corporation (KOBC). The compnay was created in order to help its shipping industry stand on its feet, especially after the bankruptcy of Hanjin Shipping.Yonhap reported quoting the finance ministry that Cabinet approved a plan to contribute 12.7-percent stakes in each of the country's four port authorities to the KOBC.Earlier this month, the corporation was officially launched in Busan…
Kwispaa LNG Signs FEED Contract of Two At-Shore LNG Hulls
The Kwispaa LNG Project achieved a significant milestone in its development this week as Kwispaa LNG signed a contract with Hyundai Heavy Industries for the Front-End Engineering and Design (FEED) of two At-Shore LNG hulls.This follows the recent Invitation to Tender to shortlisted EPC (engineering, procurement, and construction) contractors for the FEED work on the At-Shore LNG topsides, marine facilities, pre-treatment, and balance of onshore plant facilities. EPC contractor tenderers include Black & Veatch / Samsung Heavy Industries / PCL Industrial Management Inc.…
Hyundai Merchant Marine Selects 3 Yards to Build Eco-Friendly Mega Containerships
Since HMM sent out a Request for Proposal (RFP) to shipbuilding companies on April 10, HMM has considered all the conditions for newbuilding including delivery date and price of new ships suggested by shipbuilders, and finally selected three shipbuilders to sign a Letter of Intent (LOI) for 20 new vessels. First, HMM chose Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) for seven and five 23,000 TEU containerships respectively which are expected to deliver in the second quarter of 2020.
Kuwait Oil Tanker Signs Financing Deal for 8 Tankers
Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a 140 million dinar ($467 million) financing deal with three local banks for eight oil tankers, state news agency KUNA reported. The 10-year financing was obtained from Warba, Ahli United and Kuwait International banks, KUNA said. Earlier, KOTC and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.36 million to build three immense gas tankers, as part of a major KOTC fleet overhaul.
MAN D&T Scoops 11 MSC Vessel Order
MAN Diesel & Turbo has won the order from MSC Mediterranean Shipping Company for 11 × 23,000 TEU container vessels equipped with 11 × MAN B&W 11G95ME-C9.5 main engines. Samsung Heavy Industries (SHI) will construct six of the vessels while Daewoo Shipping Marine Engineering (DSME) will construct the remainder. Bjarne Foldager, Vice President – Sales & Promotion, Two-Stroke Business – MAN Diesel & Turbo, said: “This order underlines the positive, long-term business relationship between MSC and MAN Diesel & Turbo.
LNG Carrier Seri Camar Delivered to MISC
Malaysian shipping firm MISC Group has taken delivery of Seri Cemara, the final vessel in a series of five MOSS-Type liquefied natural gas (LNG) carriers built for long-term charter to Petronas.The 150,200 CBM LNG carrier has been built for MISC by South Korean shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI). Upon its delivery, Seri Cemara joins her sister MOSS-Type carriers Seri Camellia, Seri Cenderawasih, Seri Cempaka and Seri Camar on long-term charter to Petronas.The…
South Korean Shipyards Aim More Orders
South Korean shipyards have sharply raised their order targets for next year on expectations that the shipbuilding sector will improve, Yonhap reported. The country's three major shipyards - Samsung Heavy Industries (SHI), Daewoo Shipbuilding & Marine Engineering (DSME), and Hyundai Heavy Industries (HHI) - are looking at improving business conditions on the back of a recovery in the global economy and stable oil prices. The report quoted industry sources saying that HHI is targeting US$13.2 billion worth of new orders next year, up 76 percent from this year's $7.5 billion.
Hyundai Heavy Sets 2018 Sales Target $7.5 billion
South Korea's leading shipbuilder Hyundai Heavy Industries (HHI) aims to achieve 7.98 trillion won ($7.5 billion) in sales this year as its president warned of an unprecedented crisis due to declining order backlogs, reports Yonhap. Hyundai Heavy has not won any offshore plant orders for the past two years. The company's 2018 sales target represents a 60 percent decline from a decade ago. The shipyard said it is expected to post an estimated 10.03 trillion won in sales for 2017. The sales target is based on a parent base.
ABS Approves Hyundai Heavy's FPSO Hull Design
South Korean shipbuilder Hyundai Heavy Industries (HHI) has received an Approval in Principle (AIP) for its floating production storage and offloading (FPSO) hull design from classification society ABS. “As the offshore industry strives to design more cost-effective production units, ABS remains committed to evaluating novel designs that meet our class standards,” says ABS Executive Vice President, Global Offshore Ken Richardson. “The Newbuilding Conversion FPSO hull design can be built for about half the cost as compared to a conventional FPSO hull…
Bahri Dry Bulk Secures Newbuild Finance
Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million (USD 96mln) from Bank Albilad, one of the fast-growing banks in Saudi Arabia. The fund is to finance the purchase of four new bulk carriers as part of an agreement signed by the company in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding company based in South Korea.
AET Adds Four Newly Built Tankers
Singapore-headquartered vessel owner AET Tankers - a subsidiary of Malaysia's MISC Berhad - has named and welcomed four newbuild tankers into its fleet in two separate ceremonies at South Korean shipyards. At Samsung Heavy Industries, Geoje, South Korea on Wednesday, 24 January, AET named two 113,400 dwt Aframax tankers “Eagle Barcelona” and “Eagle Brisbane”. Two 157,512 dwt Suezmax twins, “Eagle San Francisco” and “Eagle San Jose”, were named two days later on Friday, 26 January, at the Hyundai Heavy Industries shipyard in Ulsan, South Korea.
Hyundai Heavy Bags Canadian Facility Order
South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has won a design contract worth about $500 million for a liquefaction unit to be used for Steelhead LNG’s Kwispaa LNG export project in Canada’s British Columbia, reported Yonhap. Hyundai Heavy will conduct a front-end engineering design (FEED) for the hull of the At-Shore LNG (ASLNG) and build the LNG liquefaction facility for Steelhead LNG Corp., the company said in a statement. The ASLNG facility, scheduled to begin operations in 2024 on the coast of Vancouver…
Hyundai Heavy Industries, KOTC Ink Gas Carriers Deal
Kuwait Oil Tanker Company (KOTC) has signed a contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for three very large gas carries (VLGC). The three 84,000 cbm LPG carriers are expected to start delivery in 2019. The contract worth USD 213.36 million to build three immense gas tankers is part of a major KOTC fleet overhaul. The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA.
Hyundai Samho Heavy Bags USD 200mln Order for LNG Carrier
South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) has won a $ 200 million contract for the construction of a 174,000-cubic-meter LNG vessel for NYK Line, said a report in Yonhap. HSHI is set to deliver a carrier that can hold 174,000 cubic meters of LNG to Japanese shipping company by 2020. The report said that it marked the first time that Hyundai Samho Heavy Industries has won an order from a Japanese company in 13 years. This year, Hyundai Samho Heavy Industries, an affiliate of Hyundai Heavy Industries (HHI), won orders to build seven vessels.
Ince & Co Advises EDF on NYK LNG Carrier
EDF LNG Shipping, a subsidiary of EDF group, signed a long term charter contract with the Japanese shipowner NYK on January 26th 2018. The vessel, with a capacity of 174,000 cbm, will be built by the shipyard Hyundai Heavy Industries with delivery expected by spring 2020. Ince & Co supported EDF LNG Shipping in the negotiation and drafting of the time charter contract providing for an initial charter period of seven years which can be further extended to twenty years. This major…
Ocean Yield Acquires Four VLCC
Ocean Yield has announced that 100% owned subsidiaries of the Company have agreed to acquire four VLCC crude tankers with 15-year bareboat charters to companies owned and guaranteed by Okeanis Marine Holdings. All four vessels are sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years. The gross purchase price is USD 83.75 million per vessel and the net cash purchase price is USD 74.25 million after a seller's credit of USD 9.50 million. The vessels are scheduled for delivery by the yard, Hyundai Heavy Industries, South Korea, in Q2-Q3 2019.
Hyundai Samho Heavy Industries Delivers Green VLCC
Hyundai Samho Heavy Industries (HSHI) has completed building a scrubber-equipped Very Large Crude oil Carrier (VLCC), the first of two ships ordered by Greek shipowner Almi Tankers in August 2016, reported the Pulse. The affiliate with South Korea's largest shipbuilder Hyundai Heavy Industries (HHI) said that the VLCC is fitted with an exhaust gas cleaning system that can meet stricter restrictions on sulphur oxide emissions that will come into force in 2020. HSHI on Tuesday held a naming ceremony for the oil tanker.
Korea Lines orders two VLCCs at Hyundai Heavy
South Korean shipping firm Korea Line Corporation (KLC) has placed an order for two new very large crude carriers(VLCC) at country's biggest yard, Hyundai Heavy Industries (HHI), and the company will explore further collaborations with the country's shipbuilders. According to Yonhap news agency, the new VLCCs are expected to have been delivered by the 2020. The total amount of the agreement will amount at 185.6 billion won (US$173 million). The carriers, which can hold 300,000 tons of crude oil each…