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)
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
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)
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
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
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 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
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
Eight void sailings in Asia-Europe trade / Response to expected low demand. Members of the G6 Alliance have announced the withdrawal of eight Asia-Europe sailings from late October 2013 to February 2014, in response to expected low demand over the winter season
Kongsberg Maritime has secured contracts with a value of NOK 150 Million to deliver fully integrated navigation and automation systems for a series of 10 container vessels ordered by United Arab Shipping Company (UASC) and under construction at HII.
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
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
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
Hyundai Heavy Industries (HHI) announced it has developed a high performance Hyundai Membrane LNG Cargo Containment System. The shipbuilding giant’s new membrane type containment system for liquefied natural gas received Design Approval from classification societies including ABS
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
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.
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
DNV gathered before and after operational-performance data which indicate that redesigning the bulbous bow of slow-steaming container ships can produce fuel savings of 5% or above. These “nose jobs” can have a payback time of less than a year, DNV said.
Do we sense a touch of desperation from the executive corridors of Maersk Line as the Triple-E delivery dates approach? Maersk Line boss Nils Smedegaard Andersen was in a confident mood after his carrier posted a decent $204 million profit in the first quarter
Port Also Spotlights 12 Ship Carriers for Voluntary Participation in New ESI Clean Ship Program The Port of Los Angeles honored 26 shipping and cruise lines for their participation in the Port’s Vessel Speed Reduction Program (VSRP)
The members of the G6 Alliance have decided to modify their network between the Far East and the Black Sea effective from week 36. The last sailing for the ABX service will be “MOL Performance” (ETA Ningbo on August 30). All port coverage will be maintained by a new dedicated
Hyundai Heavy Industries (HHI) announced that it won a $1.4 billion order to build five 18,000 TEU class and five 14,000 TEU class containerships from the United Arab Shipping Company (UASC) on August 29. The 18,000 TEU class boxships and 14
Bunker fuel sales at China's Shenzhen port have dropped by around 20% since the beginning of this year as more ships are calling at the Russian Far Eastern ports to buy bunker fuel with prices there $100-150/mt lower than in Shenzhen, according to trade and industry sources cited by Platts.