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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


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 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)


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


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


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


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


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


Hanjin Shipping Seeks Bank-Debt Restructuring

Hanjin's debts at 5.6 trln won at end 2015; company has been squeezed by low shipping margins. South Korea's Hanjin Shipping Co Ltd will ask creditor banks to restructure its debt, the country's largest shipper by assets said, in an attempt to weather a squeeze in margins from a severe industry


Hanjin Shipping Opts for Debt Restructuring

Photo: Hanjin Shipping Co. Ltd

 South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg.   The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company


Hanjin Shipping, Hyundai Merchant Merger Talks in Air

Photos: Hanjin Shipping and Hyundai Merchant Marine

 A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM).   It could be merged as a part of the government-led restructuring of ailing industries


Hanjin to Divest Assets

Image: Hanjin Shipping

 The South Korean carrier Hanjin Shipping plans to generate USD 357 million from asset sales.    South Korea’s largest container operator by capacity plans to sell items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a


Wärtsilä X92 Engine for Mega Boxship

The Wärtsilä X92 engine at the Factory Acceptance Test in February 2015, which took place at the Ulsan engine works of Korean licensee Hyundai Heavy Industries.

  The first in a series of 'mega-class' container vessels being built for French Ship owner CMA CGM will be powered by the Wärtsilä X92, low-speed, 2-stroke engine. The vessel is to be built by Hanjin Heavy Industries & Construction (HHIC) in Subic Bay, Philippines


Hanjin to Support Smart Shipping

Seoul Head Office (KOREA). Photo: Hanjin Shipping Co

 Hanjin Group opened its creative economy innovation center in Incheon on Wednesday, hoping to develop the city into a distribution hub of Northeast Asia utilizing advanced shipping technologies.    As part of the center, Hanjin created a fund worth 159 billion won ($138 million)


Hanjin Starts Calling at SOHAR

Photo: SOHAR Port and Freezone

 Sohar Port and Freezone has added South Korea’s container line Hanjin Shipping to its list of global shipping lines offering direct links to this Omani deepsea port.   Hanjin started its container service to Sohar from Far East


Hanjin Shipping Returns to Black

Photo by Hanjin Shipping

 South Korea's leading shipping line Hanjin Shipping has returned to the black in the first half with a profit of KRW127.2bn ($109.87m), erasing the loss of KRW424.2bn in the year-ago period.   Net profit came to 104.26 billion won (US$89


Hanjin Rolls Out First Philippine-made LPG carrier

M/V Kaprijke. Photo: Teekay Corporation

 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


Hyundai and Hanjin Deny Merger Talk

Pic: Hanjin

 While merger talks between South Korean shipping companies Hanjin and Hyundai Merchant Marine lines hit the newspapers, the latter has refuted rumors that the government asked the carrier to merge with the former.   HMM said, "With regards to the report in Korea Economic News


Hanjin-Hyundai: No Merger or Only Restructuring?

Photo: Hanjin Shipping

 South Korea’s government is discussing whether to merge or sell  Hanjin Shipping and Hyundai Merchant Marine in an attempt at state-led industrial restructuring.    But the two lines in question belong to different container alliances


Hanjin Aqua Aground in Sunda Strait

Hanjin Aqua. Photo: Hanjin Shipping

 The container ship  Hanjin Aqua (4,500-TEU) ran aground off Sangiang Island in Indonesia's Banten, Sundra Strait.   The ship with 2303 containers on board is en route from Adelaide Australia to Jakarta, including hazardous cargo class A.  


Hanjin's First Service Call at Krishnapatnam Port

Courtesy Hanjin

Hanjin Shipping India Pvt Ltd, the South Korean shipping conglomerate, made its maiden call at KPCT on 1st February, 2016. Vessel MV Hanjin Florida had exchanged 553 TEU out of which 109 TEU are imports and 444 TEU are exports. Krishnapatnam Port Container Terminal


Drewry: HMM, Hanjin Mull Merger

Pic: Hanjin Shipping

 A merger between Hyundai Merchant Marine (HMM) and Hanjin Shipping remains a real possibility, says the London-based analyst firmDrewry, who has looked at how such a company will look like.   The  research paper published by Drewry Maritime Equity Research last month concluded


Hanjin Shipping Rely on Assets Sale

Pic: Hanjin Shipping

 As part of its plans to ramp up debt restructuring and  struggle to stay afloat amid the tides of trouble, the Korean shipping line Hanjin Shipping is looking at selling assets, reports The Korea Herald.   Hanjin is looking at offloading an office building in London as well as






 
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