Hanjin Heavy Industries Co. reportedly won $160 million in contracts from Germany to build four container vessels.
Danaos Corporation (NYSE: DAC) announced that it has entered into an agreement with Hanjin Heavy Industries & Construction Co. Ltd. to cancel three 6,500 TEU newbuilding containerships, initially expected to be delivered in the first half of 2012. The agreement has been reached with the consent of Yang Ming Line who was the charterer of these vessels. Danaos is building another six large containerships with Hanjin Heavy Industries and Construction Co. Ltd
STX Pan Ocean has ordered an LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The vessel will be built at a cost of $215 million. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8 million on a 20 percent increase in sales to $2.7 billion. Source: ChannelNewAsia
According to a report from the Korea Times, Hanjin Heavy Industries and Construction (HHIC) imposed a lockout at its main shipbuilding yard and factories Feb. 14, in reaction to a strike against a layoff plan by its union that started on Dec. 20. The company plans to make 190 employees redundant today as it previously announced. (Source: Korea Times)
According to a report from The Chosun Ilbo, the labor union of Hanjin Heavy Industries and Construction's shipbuilding unit agreed on June 27 to end a strike that has lasted for over six months. The company will not rehire laid-off workers, but will compensate them if they voluntarily retire. Both sides also agreed to drop the legal cases against each other. Source: The Chosun Ilbo
Virginia Beach, Va. - Huntington Ingalls Industries announced that its subsidiary, AMSEC, has signed an agreement with Hanjin Heavy Industries and Construction Philippines Inc., a subsidiary of HHIC Holdings Co. Ltd., to work together in providing maintenance, repair and logistics services to the U.S. Navy and other customers in the western Pacific region. The agreement with HHIC-PHIL allows AMSEC to benefit from Hanjin's state-of-the art shipyard at Subic Bay, Philippines
Korean shipbuilders occupied seven out of the top 10 positions in the world last month in terms of orders. Hyundai Heavy Industries was the world’s largest shipyard in terms of order backlog as of late June with 11.74 million compensated gross tons (CGT), British shipbuilding market researcher Clarkson reported. Samsung Heavy Industries came second with an order backlog of 8.27 million CGTs, followed by Daewoo Shipbuilding & Marine Engineering (DSME) with 7
Danaos Corporation secured 18 year bareboat charters for each of two 6,500 TEU containerships. These vessels are part of the recently placed order with Hanjin Heavy Industries & Construction Co., Ltd. and are expected to be delivered to Danaos in 2009 and 2010. Danaos Corporation also announced that it delivered the bulk carrier Achilleas to Shanghai Time Shipping Co. Ltd. according to schedule. The delivery of this drybulk vessel to their new owners brought proceeds of $25
Hanjin Heavy Industries & Construction's Philippine Shipyard wins contract to build mid-size container ships for European owners Despite the current global economic slowdown, Hanjin Heavy Industries & Construction (HHIC)-Phil's Subic Shipyard has won a bid to build mid-size container ships for the first time this year. The shipbuilder recently announced that it has signed a USD 450 million contract to build ten 5
Hanjin Heavy Industries is trying hard to retain its leadership by reviving the shipyard in Subic Bay, the Philippines. Since running at full capacity in 2009, the Subic Shipyard has won orders continuously, surpassing $5 billion dollars in sales in 5 years 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
Following its bankruptcy filing, Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners, reports Bloomberg. All but three of the remaining 14 ships are either stranded or have
South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters. The judge at the Seoul Central District Court
October container volumes were down 6.2 percent at the Port of Long Beach compared to the same month last year, as the fallout from the Hanjin bankruptcy continues to settle. According to the port, a total of 581,808 twenty-foot equivalent units (TEUs) moved through docks last month
South Korea's Hanjin Shipping Co Ltd will sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million), reports Reuters. Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information
As Hyundai Merchant Marine (HMM) and Swiss shipping giant Mediterranean Shipping Company S.A. (MSC) are expected to enter the takeover battle for the Long Beach Terminal in California, they will aggressively negotiate its price, reports Business Korea.
South Korean container shipper Hanjin Shipping said on Monday that it would close all 10 of its European businesses operations, reports the Wall Street Journal. Hanjin has applied for court approval to close all 10 of its business operations in Europe
Athens-based containership owner Costamare Inc. pushes back 11,000-teu newbuildings into 2017 as it reports strong third quarter figures which topped Wall Street expectations. It has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships
Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from
Hanjin Shipping's and Outer Harbor Terminal's (OHT) bankruptcies this year have raised questions about the legal separation of joint venture terminal operators that are often lease counterparties for U.S. ports, Fitch Ratings says. These events highlight potential risks that must be balanced
South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions.
Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources.
Danaos Corporation, one of the world's largest independent owners of containerships, today received notice that Hanjin Shipping Co. Ltd. (Hanjin) has filed for receivership with the Seoul Central District Court and requested that the court freeze its assets.
South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea. Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance
Hanjin Shipping Co. has notified 560 shipping crew that their service with the company ends on Dec. 10, reports the Pulse. The rest of 2,000 on the company payroll are expected to get dismissal notice within next month.
Bankrupt Hanjin Shipping Co has received two final bids for its Asia-U.S. route and its 54% ownership in the Long Beach terminal, the Wall Street Journal reported. Hyundai Merchant, South Korea’s largest shipping line, and Korea Line, a smaller operator