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.
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)
South Shields based Solar Solve Marine received an order from Korea for four ship-sets of its SOLASAFE roller sunscreens. The screens are to be installed at the navigation bridge windows of four very large container carriers currently under construction at Daewoo’s DSME Okpo shipyard on Geoje Island. With a length of 366 mts, a beam of 48.8 mts and depth of 30 mts the vessels will all be 152,700 dwt., and whilst not the biggest in the world
As part of its vessel maintenance program and in connection with the national holiday in China, members of the G6 Alliance have announced two voyages to be cancelled in early October. The void sailings will be made on the following two services: Loop 7 service in Week 41 (intended ETD Qingdao October 9) EUM service in Week 41 (intended ETD Pusan October 7) The G6 Alliance, consisting of APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K
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)
Temporary suspension of Central China (CC2) Service / All ports covered by other G6 services In response to seasonal changes in market demand, the members of the G6 Alliance announced the temporary suspension of their Central China (CC2) service between Asia and the U.S. West Coast until further notice. The last sailing for CC2 will be “OOCL Italy” departing from Shanghai on October 31. All ports called by CC2 will be covered by other G6 Alliance services.
APL, Hyundai Merchant Marine (HMM), Mitsui O.S.K. Lines (MOL) Â¬Â¬â€“ 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 â€“ particularly for fuel.
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
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 Wï¿½rtsilï¿½ Corporation.
The 14th Annual California Maritime Leadership Symposium, slated to take place February 19-20 at the Sacramento Convention Center, attracts key members from California’s State Legislature and representatives from California’s ports and the maritime industry. The symposium aims to encourage productive dialogue among maritime industry leaders and communicate port needs to California decision makers. The symposium is hosted by a broad-based coalition of the maritime industry
Pacific Atlantic 2 service has temporarily stopped calling European ports due to a seasonal change in market demand. The service portfolio between Asia and North America East Coast continues unchanged. Members of the G6 Alliance have adjusted one of its Pacific Atlantic services in response to
Combined service will replace NYE and SCE temporarily / Due to seasonal changes in market demand. Members of the G6 Alliance have announced the Winter Program for Asia – U.S. East Coast sailings in response to seasonal changes in market demand.
European Union antitrust regulators will conditionally clear a deal by Hapag-Lloyd and Compania SudAmericana de Vapores to form the world's fourth-largest container shipping company, two people familiar with the matter said on Friday. The case is important for the shipping industry where
The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at least US$600 per 40-foot container (FEU) to all destinations, effective September 1
European Union antitrust regulators have not found any anti-competitive impact relating to an alliance of world No. 1 container shipping company AP Moller-Maersk with two of its peers, the European Commission said on Tuesday. "At this stage
Company says freight rates remain under pressure; blames tough competition, weak U.S. dollar. Pins hopes on G6 alliance, container merger with CSAV. German shipping company Hapag-Lloyd's first-quarter loss widened as its revenue declined, hit by tough competition which depressed freight rates
Commissioner William P. Doyle of the U.S. Federal Maritime Commission has voted in favor of the amended G6 Alliance Agreement. Commissioner Doyle highlighted the U.S.-Flag international trade, U.S. mariner jobs and environmental benefits
Diamond S Shipping Group Inc's largest shareholder, Wilbur Ross, said the tanker company's initial public offering had been canceled because the suggested price was too low, Bloomberg reported, citing an email from the billionaire investor.
Members of the G6 Alliance released details on port rotations for the proposed service expansion to the Asia-North America West Coast and Trans-Atlantic trade lanes, announced in early December last year. Subject to the completion of regulatory review process
Drewry’s weekly container insight report shows exits from the transatlantic and Asia-Black Sea trades demonstrate how Hanjin is prioritizing financial repair over global coverage. Drewry said cash-strapped Hanjin Shipping has recently announced to its customers that it will be leaving two
Citing consumer interests, U.S.-flag international fleet, small businesses, suppliers and third parties such as terminals, vendors and bunker operators, Doyle submits additional questions to the G6 parties. Federal Maritime Commissioner William P
The G6 Alliance, which consists of members APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line, announced the cancellation of two Asia-Europe sailings in response to seasonal changes in market demand.
Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap News Agency. Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap
Another active week in the newbuilding market is reported in the latest Clarkson Hellas S&P Weekly Bulletin, as follows: Dry Bulk Carriers Starting with the larger sizes Hyundai Merchant Marine (HMM) are understood by Clarkson Hellas to have placed an order for two firm 210
Mitsui O.S.K. Lines, Ltd. (MOL, President: Koichi Muto) , a Member of the G6 Alliance has announced plans to expand their cooperation to the Asia-North America West Coast and Trans-Atlantic trade lanes. The G6 Alliance said the expanded cooperation will provide customers with more service