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Hanjin Heavy

Hanjin Heavy Wins $160M In Orders

Hanjin Heavy Industries Co. reportedly won $160 million in contracts from Germany to build four container vessels.


Danaos Corp. Cancels Three Newbuildings

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


Hanjin Heavy Locks Factories

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)


STX Pan Ocean Orders $215M LNG Carrier

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


Hanjin Union Ends 190-Day Strike

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


Philippines' Subic Shipyard books $5B in Sales

HHIC-Phil’s Subic Shipyard

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


Huntington Ingalls Subsidiary Partners With HHIC Holdings

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 Place in Top 10 for June Orders

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


Philippine Shipyard to Build 10 Container Ships

Photo credit HHIC

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


Danaos Secures Bareboat Charters for Containerships

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 Creditors Oppose Terminal Sale

Photo: Hanjin Shipping Co. Ltd

 US creditors of Hanjin Shipping Co. Ltd.  objected to the Korean courier’s efforts to secure a New Jersey bankruptcy court approval of an asset sale to Mediterranean Shipping Co (MSC), reports WSJ.   Geneva-based MSC, the world’s second largest container operator by


Ex-chairwoman of Hanjin Charged With Insider Trading

Photo: Hanjin Shipping

 The Seoul Southern District Prosecutors’ Office said Choi Eun-young,  the former chairman and former CEO of Hanjin Shipping, has been indicted on charges of insider trading.    According to Yonhap, the prosecution alleged that Choi sold stock in Hanjin when she learned


Hanjin Sells Operations at Port of Seattle

Photo: Port of Seattle

Bankrupt South Korean shipping company Hanjin will sell its operations of the Port of Seattle’s Terminal 46 to Switzerland-based Mediterranean Shipping COmpany (MSC) subsidiary Terminal Investment Limited (TIL), reports AP.  


Debt Looms for South Korean Shipyards

 The top four Korean shipbuilders have 2.3 trillion won ($1.9 billion) in notes maturing next year, the most in Bloomberg-compiled data going back to 1997.    Bloomberg reports that some of them may have trouble paying debts without help from the government or group firms


Long Beach Approves MSC's Bid for Hanjin Terminal

Photo: Port of Long Beach

The Port of Long Beach’s Harbor Commission on Wednesday approved an agreement to replace the bankrupt operator of its largest cargo terminal. The Long Beach Board of Harbor Commissioners greenlighted the move by a subsidiary of Mediterranean Shipping Co


Hanjin Sells US Terminal Stake to MSC

Photo: Total Terminals International, LLC

 South Korean ocean carrier Hanjin Shipping Co. signed a deal to sell its stake in the U.S. port operator that runs Long Beach, Calif.’s, biggest container terminal to Mediterranean Shipping Co. (MSC), reports WSJ.   Hanjin, which for bankruptcy protection in August


No Operating Income from Hanjin Vessels: Danaos Corporation

Photo: Hanjin Shipping Co. Ltd

 Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers.    Danaos' CEO Dr. John Coustas says: "As a result of the bankruptcy


Three Hanjin Ships Auctioned in Rotterdam

Photo: Hanjin Shipping

 Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media fd.nl and Nieuwsblad Transport.   The 13,000 TEU ships were auctioned on behalf of creditor HSH Nordbank. 


Korea Line Buys $31.4m Biz from Hanjin Shipping

Photo: Hanjin Shipping Co Ltd

 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


Long Beach Volumes Dip on Hanjin Fallout

File photo: Port of Long Beach

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


Korea Line to Take Over Hanjin's Asia-US Route

Photo: Hanjin Shipping

 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


Hanjin Fleet Shrinks

Photo: Hanjin Shipping Co

 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


Two Final Bids for Hanjin

Photo: Hanjin Shipping Co

 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


Hanjin Commences Layoffs

Photo: Hanjin Shipping Co.

 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.   


HMM Acquires Hanjin's 11 Ships

Photo: Hanjin Shipping Co

 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






 
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