World’s First: LR Digital Type Approval to HHI
The world's largest shipbuilding company Hyundai Heavy Industries Co (HHI) has become the first to obtain a Lloyd’s Register (LR) approval for a digital component as it received green light to use the technology for its Integrated Smartship Solution (ISS).According to LR, digital type approval delivers an assurance system to provide confidence in the market for the supply of digital components and offers all the benefits of traditional type approval; reassurance on supply chain quality and robustness within the marine environment.
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.
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…
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…
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…
Korean Shipyards Still in Rough Sea
South Korean shipyards are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, Yonhap reported quoting industry sources. The report said that for decades, the shipbuilding sector has been one of the key growth drivers for Asia's fourth-largest economy. The top three shipyards in the country - Hyundai Heavy Industries Co (HHI), Samsung Heavy Industries Co. (SHI) and Daewoo Shipbuilding & Marine Engineering Co.
Moss-Type LNG Carrier Joins MISC Berhad's Fleet
Malaysia’s MISC Berhad (MISC), a world leading energy related maritime solutions and services provider has taken delivery of Seri Cempaka, the third in a series of five Moss-Type Seri-C Class Liquefied Natural Gas (LNG) carriers. The 150,200 CBM LNG carrier has been built for MISC by Hyundai Heavy Industries (HHI), and benefits from an Integrated Hull Structure (IHS) with four spherical tanks shielded by a continuous cover, fortifying the vessel to allow for operation in even the harshest marine environments.
New LNG Carrier Delivered to MISC Berhad
MISC Berhad (MISC) held the naming and delivery ceremony of its new LNG carrier, Seri Camellia. The 150,200 cu. m. Liquefied Natural Gas (LNG) carrier is the first in a series of five MOSS-Type LNG carriers ordered from Hyundai Heavy Industries Co., Ltd. (HHI) by MISC. Upon their delivery, these new LNG Carriers will be chartered to PETRONAS for the next 15 years. The naming ceremony was graced by the presence of Y. Bhg. Tan Sri Sidek Hassan, Chairman of PETRONAS and was officiated by his wife and the vessel’s Lady Sponsor, Y. Bhg.
South Korea Mulls LNG Bunkering Hub
A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse. Last week, officials representing 21 private and state-run entities in Korea gathered to attend the inaugural meeting of the LNG Bunkering Industrial Association. They were from major shipbuilding and energy companies including Hyundai Heavy Industries Co.…
Hyundai Bags Order for 2 LNG Carriers from SK Shipping
Hyundai Heavy Industries Co. (HHI) struck a $400 million worth deal to build two liquefied natural gas (LNG) carriers for SK Shipping Co., a Korean shipowner. According to the sources, the vessel can carry 180,000 cubic meters of LNG. The vessels will be delivered starting in the first half of 2019, the sources said. Meanwhile, a press release from the French LNG containment specialist GTT said that it has received an order for two new LNGCs (Liquefied Natural Gas Carriers) for HHI. The vessels will be built at Hyundai's shipyard in Ulsan for SK Shipping. Delivery is scheduled in 2019.
Nine New Orders for South Korean Shipbuilders
While South Korean shipbuilders are continuing to struggle for survival as the recession in the global shipbuilding market drags on, they have clinched new orders to build nine ships in the first four months of the year. Yonhap, quoting industry data, said that the S.Korean shipyards, led by Hyundai Heavy Industries Co., have clinched new orders to build nine ships, accounting for 5 percent of new shipbuilding orders placed around the globe. The country's shipbuilders have racked up 200…
Another Brutal Year for Korean Shipyards?
2016 could be a brutal year for Korean Shipyards. Yonhap reports that the country's shipbuilders failed to clinch any new orders in January, underscoring the protracted slump in the global shipbuilding segment. "January is usually an off-season for shipbuilders, but it is the first time that the major players have received no orders for the month," a source said. Last year, Koreas's big three - Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. - clinched orders worth US$1.8 billion.
Bleeding Continues for Korean Shipbuilders
South Korea's big three shipbuilders are set to post over 8 trillion won (US$6.66 billion) in operating losses in 2015 because the industry has not found a way out of a prolonged slump, reports Yonhap. According to the industry data, the top three shipyards - Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. - are stung by a combination of a prolonged industry slump, a series of order cancellations and a delay in the construction of offshore facilities.
Korea to Create $1.2bln Shipping Fund
The South Korean government will create a US$1.2 billion ship investment fund to aid the shipping industry which has been struggling due to decreasing global trade. A report by South Korea's Yonhap News Agency said the fund will help shippers buy and sell vessels with less financial risk. The fund, aims to "aid the shipping industry which has been struggling due to decreasing global trade". Fund will "help shippers buy and sell vessels with less financial risk as the Korea Trade Insurance Corp. and the Korea Maritime Guarantee Insurance Co.
Korean Shipbuilders May Fail to Achieve Targets
South Korea's big three shipbuilders - Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. - may miss this year's order targets as a global economic slump and lower oil prices sharply reduce shipbuilding demand, reports Yonhap. The country's big three racked up a combined US$26.1 billion worth of orders through November, a little more than half of this year's order target of $47 billion, according to industry sources. By company, Hyundai Heavy clinched orders worth $11.6 billion in the first 11 months of the year.
Korea's Ship Building Orders Dip to 6-Year Low
South Korean shipbuilders' new orders in November fell to the lowest level in six years amid woes over their growing losses, Yonhap reports. Meanwhile, Chinese rivals scooped up a large slice of contracts, according to the data compiled by global researcher Clarkson Research Services. South Korean shipyards bagged new orders totaling 79,834 compensated gross tons (CGTs) last month, the lowest since September 2009. But, Chinese shipbuilders received 1.46 million CGTs worth of new orders last month, which accounted for some 80 percent of the total orders placed around the globe, the data showed.
Creditors to Pump $3.7B into Ailing DSME
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency. The massive rescue package offered by state-run Korea Development Bank — which owns a controlling 31.5 per cent stake — and Export-Import Bank of Korea, includes new loans, a rights offering and debt-to-equity swaps. “In return for this rescue package…
Cochin Shipyard in Pact with Samsung Heavy Industries
India's state-owned Cochin Shipyard Ltd (CSL) has entered into a Memorandum of Understanding (MoU) with Korean firm Samsung Heavy Industries for technology partnership in constructing liquefied natural gas (LNG) carrying vessels, reports local media. “Cochin Shipyard has signed an agreement with Samsung Heavy Industries to collaborate on building LNG ships,” a shipping ministry official said. The MoU, which was inked after protracted negotiations will enable the city-based public sector yard to respond to a tender for LNG carrier construction soon-to-be-re-issued by GAIL (India).
Seaspan Takes Delivery of New Containership
Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's second 14000 TEU SAVER design containership and third delivery in 2015. The YM Wellhead will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. (Yang Ming). Yang Ming may extend the charter for up to an additional two years. The ship is the second of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming.
Korean Shipbuilders Maintain Top Spot
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., clinched the largest amount of new orders in May, retaining the top spot for the fourth consecutive month, BusinessKorea reported based on industry sources, including Clarkson Research Services. Data shows a total of 90 orders for tankers were placed worldwide during the first five months of this year, and 58 of them went to Korean shipbuilders while Chinese and Japanese shipbuilders took 18 and 14, respectively.
Third 14,000 TEU Container Joins Seaspan
Hong Kong-based owner and operator of containerships Seaspan Corporation has taken delivery of a 14,000 TEU containership, the YM Winner. The new ship, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan’s third 14,000 TEU SAVER design containership and fourth delivery in 2015. The YM Winner will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. The ship is the third of a total of eight 14000 TEU SAVER design vessels to be chartered by Seaspan to Yang Ming. The delivery of the YM Winner expands the Company's operating fleet to 81 vessels.
KNOT Orders New Tanker for Charter with BG Group
Knutsen NYK Offshore Tankers AS (KNOT) has concluded a time-charter contract with Brazil Shipping 1 Limited, a subsidiary of the U.K. energy supplier BG GROUP PLC. This contract is for a maximum 20-year period starting from the second quarter of 2017 and follows the time-charter contracts that were concluded in September 2014 for two shuttle tankers. The new contract aims to use a 158,000 DWT Suezmax tankers built by Hyundai Heavy Industries Co. Ltd. and equipped with enhanced dynamic-positioning systems to shuttle crude oil processed in waters off Brazil.
Hyundai Sees Mega Ships Leading Global Demand
As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs, reports Bloomberg. Hyundai Heavy is the world’s biggest shipbuilder. Ka Sam Hyun, a senior executive vice president in charge of ship sales at Hyundai Heavy said his company could win orders for as many as 11 vessels in July along with its unit its Hyundai Samho Heavy Industries Co. Ka Sam said that the shipping lines won’t be able to survive if they can’t bring down their unit costs.
South Korea Tops in Shipbuild Orders
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve, the data compiled by global researcher Clarkson Research Services showed. The new shipbuilding orders around the globe in the first half of this year amounted to 13.28 million compensated gross tons (CGTs). The figure is about 49.2 percent from 26.99 million CGTs a year ago. In the past year, the global shipbuilding industry saw new orders halve.
HSL in Pact with Hyundai to Build Fleet Support Ships?
Hindustan Shipyard Ltd., the largest shipbuilding enterprise under Indian Ministry of Defence, and world’s premier shipbuilder Hyundai Heavy Industries (HHI) are likely to undertake joint construction of self-propelled fleet support ships (FSS) for the Indian Navy, says a report in the Hindu. A high-level delegation from Hyundai Heavy Industries Co. Ltd has already inspected facilities at the Hindustan Shipyard Limited to explore the possibilities of cooperation. The team comprised…
Daewoo Shipbuilding May Post Loss of Over US$4.6 Bln
Daewoo Shipbuilding & Marine Engineering Co. (DSME) is expected to log an operating loss of over 5 trillion won (US$4.4 billion) this year, up by some 1 trillion won from previous forecasts, reports Yonhap. The outlook follows a recent audit by the state-run Korea Development Bank (KDB), the main creditor of the troubled company, which has revealed additional losses from overseas branches, according to the sources. The South Korean government has suspended a push for creditors to bail out DSME after this huge estimated losses to a canceled order and rising costs in the industry.