Hyundai Merchant
Hyundai Merchant Marine Sells Off Two Million Shares
Hyundai Merchant Marine, South Korea's largest shipping firm, said on Friday it had sold about two million shares in Hyundai Heavy Industries to raise operating funds and repay debts. "We sold about two million shares in Hyundai Heavy in the market," said a company spokesman. He did not say at what price the shares were sold. The shipping firm would have received 62 billion won ($47.6 million) from the sale, based on Hyundai Heavy's closing price of 31,000 won on Friday. Hyundai Merchant Marine shares finished up 0.3 percent at 3,000 won. After the stock sale, Hyundai Merchant Marine would become the second largest shareholder in the shipbuilder with its stake dropping to 9.8 percent from 12.4 percent earlier. Hyundai Merchant said it would sell off its remaining stake in Hyundai Heavy by the end of this year. Hyundai Merchant posted 457.8 billion won ($351.9 million) in operating profit last year on 5.2 trillion won in sales.
$67M Containership Order Logged
South Korea's Hyundai Merchant Marine placed a $67 million order for a containership with Heavy Industries. Hyundai Merchant said it had borrowed funds from foreign financial institutions at LIBOR plus one percent for the 5,700 TEU-sized order. The shipping and trading company, a unit of Hyundai Group, said the containership would serve Asia-Europe routes from 2003. It said it would also place more ship orders in the second half of this year, including two 4,700 TEU container ships.- (Reuters)
APL, HMM, MOL and CMA CGM Announce Capacity Plans
APL, Hyundai Merchant Marine (HMM), Mitsui O.S.K. Lines (MOL) ¬¬– and CMA CGM announced additional winter capacity plans for the trade between Asia and the US East Coast via Panama Canal. Late last month, the New World Alliance carriers APL, HMM and MOL announced that they would be withdrawing more capacity to the US West Coast and earlier than in previous years in the face of an unprecedented rise in operating costs – particularly for fuel.
Grand Alliance, ZIM & HMM Jointly Announce New SCE2 Service
Grand Alliance members Hapag-Lloyd (HL), Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL), along with Partner ZIM Integrated Shipping Services Ltd (ZIM) are pleased to jointly announce the new co-operation with Hyundai Merchant Marine (HMM) within the Trans-Pacific All Water sector. The South China East Coast Express 2 (SCE2) will be launched on 12th May 2011, in conjunction with the enhancement of the established South China East Coast Express (SCE)
Two Finalist Proposals for New Port of Philadelphia Terminal
Less than three months after seeking proposals from interested parties to design, operate and maintain a major new marine terminal in South Philadelphia, Governor Edward G. Rendell announced on July 23 the shortlist of teams that will continue in the solicitation process developing a public-private partnership that is expected to bring millions of dollars of investment to the region. One of the teams selected was a consortium comprising Delaware River Stevedores (DRS) and Hyundai Merchant
Wartsila's Largest Common-Rail Engine Tested at Hyundai
Hyundai Heavy Industries Co Ltd in Korea tested a 14-cylinder Wartsila RT-flex96C common-rail low-speed engine on 29 May in its Ulsan engine works. The 14-cylinder RT-flex96C is the world's most powerful diesel engine in production. It develops 80,080 kW (108,920 bhp) at 102 rpm. The official shop test was witnessed by representatives of the shipowner and the classification societies. The engine was built under licence from W�rtsil� Corporation.
New World Alliance Service Changes
The New World Alliance (TNWA) carriers –APL, Hyundai Merchant Marine (HMM) and Mitsui OSK Lines (MOL) announced revised capacity and service plans for the Transatlantic trade. TNWA and Maersk Line have been exchanging space in the Transatlantic trade. While TNWA continue to cooperate with Maersk Line, capacity reductions and service changes will be implemented in response to market conditions. While excess capacity will be eliminated from the Transatlantic by this group of carriers
The New World Alliance to Reduce Ocean Capacity
The New World Alliance said it will temporarily reduce capacity on selected Trans-Pacific Trade services to coincide with Lunar New Year factory shutdowns in Asia. The three container shipping lines in the alliance -- APL, Hyundai Merchant Marine (HMM) and Mitsui O.S.K. Lines (MOL) said the winter deployment program is expected to last six weeks; more if necessary. "We'll review demand and capacity again well in advance of the peak shipping season
Drewry: Container Schedule Reliability Improvement
Container service reliability improved for the second quarter in a row during the third quarter of 2011, according to Drewry Maritime Research’s latest Schedule Reliability Insight report. The report is the longest established independent survey of liner service reliability in the marketplace with data stretching back to the end of 2005. The proportion of 3,281 ships arriving on time (defined as either arriving at port on the advertised ETA or a day earlier) at selected ports
Genco to Sign Time Charters for Drybulk Vessels
Genco Shipping & Trading Limited announced it has reached an agreement in principle to enter into a time charter for the Genco Carrier, a 1998-built Handymax vessel, with Pacific Basin Chartering Ltd. The Company also reached an agreement in principle to extend the time charter for the Genco Wisdom, a 1997-built Handymax vessel, currently on charter with Hyundai Merchant Marine Co., Ltd. Both time charters would be for eleven to
Lloyd’s Approves Hyundai LNG Carrier Training Facility
Hyundai Merchant Marine subsidiary has been granted Approved Training Provider status for their facilities and LNG carrier training courses to SIGTTO Training Standards. Lloyd's Register has awarded Approved Training Provider (ATP) Certification to Hae Young Maritime Services Co. Ltd
Korean Shipyard Delivers Container Ship ‘Hanjin Argentina’
The 3600 TEU container ship, built under the supervision of Navgathi Marine by Hyundai Sambo delivered to Pacific International Lines. Hanjin Argentina is the third of a series of four such vessels ordered by Pacific International Lines of Singapore from the S. Korea shipbuilders.
Wison Announces Venezuela Contract
Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced has the award of a contract to supply key modularized components for a major refinery project in Venezuela. The project, known as the Venezuela Puerto La Cruz Refinery Deep Conversion Project
New HHI HiMSEN Diesel Engine Gains Class Approvals
Hyundai Heavy Industries Co., Ltd. (HHI) has won type approval for the new 35,300 bhp HiMSEN H46/60V engine from 9 classification societies. The type approval test completion of the IMO Tier III compliant HiMSEN H46/60V expands Hyundai Heavy’s medium speed marine engine line-up to
Korean Yard Delivers First of Six New Ships for Bahri
The National Shipping Company of Saudi Arabia (Bahri) receives the 'Bahri Abha' from South Korea's Hyundai Mipo shipyard. The new ship, of 26,000 dwt, was built especially for the general cargo trade and is the first to be delivered of six vessels that were contracted by the Company with Hyundai
Latest Global Shipbuilding Orders
There has been activity in the VLCC, Product Tanker, Container Ship, LNG Carrier, and Car Carrier newbuild markets. Orders as reported by Clarkson Hellas are summarised as follows: China Merchants Energy Shipping (CMES) are reported to have ordered three plus three 320
G6 Alliance to Maintain Current 5-loop Product Structure
Loop 3 service will not be reinstated / Other G6 services cover ports of loop 3 / Full network coverage and all major port pairs served with weekly sailings. The G6 Alliance has announced that it will maintain the current 5-loop product structure for its Asia-North Europe service in 2013
Korean Shipyard Wins LNG Carrier Contracts
Hyundai Heavy Industries (HHI) & its affiliated shipyard obtain orders totalling US$1.05 billion to build five liquefied natural gas (LNG) carriers. One of the LNG carriers of 155,000-cubic-metre capacity and worth US$210 million is for Brunei Gas, reports the Oman Daily Observer.
Engine of the Future is Already Available
First commercial ME-GI engine revealed at major event in Korea. At a large customer event in Korea on 9 November 2012, Hyundai revealed the first, commercial MAN B&W ME-GI engine. The ME-GI is a gas-injection, dual-fuel, low-speed diesel engine that
G6 Alliance: Feeder Shuttle Between Germany and Gothenburg
The partners of the G6 Alliance will underline their commitment to the Scandinavian market and start a dedicated G6 feeder shuttle to Gothenburg. The service will provide coverage for the time of the temporary winter suspension of Loop 3.
Diesel Engine Manufacturers in Korea Joint Venture
Hyundai Heavy Industries & Cummins announce a J/V to build mid-range engines in Korea. The engines will extend from 150 hp to 300 hp (112-224 kW) output for application in a wide range of Hyundai construction and industrial equipment.
Shipbuilder Hyundai Mipo in Profit Freefall
Korean Shipbuilder Hyundai Mipo reports net plunges on falling orders in second quarter of 2012. Hyundai Mipo Dockyard Co.,reports that its second-quarter earnings dropped 76 percent from a year earlier mainly due to a decline in new shipbuilding orders reports Korea Times.
Hyundai Starts Export of LNG Fueled Engines
Hyundai Heavy Industries is exporting its eco-friendly gas engine Hyundai HiMSEN H35/40GV after completing test runs The new gas engine runs on liquefied natural gas rather than heavy crude oil and has a maximum power output of 13,000 bhp.
Danaos Adds Containership to Fleet
Danaos Corporation, an international owner of containerships, announced that on March 8, 2012, it took delivery of one more newly built containership, the HYUNDAI TENACITY, expanding its operational fleet to a total of 62 containerships aggregating 325,879 TEU.
Kuwait Orders Chemical Tankers from HHI
Hyundai Mipo Dockyard gets order for four chemical tankers. Hyundai Mipo Dockyard said it had received an order worth $250 million to build four chemical tankers for Kuwait despite the world's shipbuilding industry downturn. Under the contract signed Tuesday in Kuwait