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Hanjin Heavy Industries News

07 Jun 2022

HJSC Receives LR AIP for 7,700 TEU LNG-fueled Containership

Lloyd’s Register (LR) has awarded approval in principle (AIP) to HJ Shipbuilding and Construction Co. Ltd (HJSC) – formerly Hanjin Heavy Industries & Construction – for its 7,700 TEU liquefied natural gas (LNG)-fueled containership.The AIP follows a memorandum of understanding (MOU) and joint development project (JDP) agreement between the two companies signed on November 24, 2021. Under the MOU, HJSC has delivered the concept and the design of the vessel, with LR reviewing and approving the design drawings…

30 Mar 2022

ZIM Strikes Deal to Charter Six 5,500 TEU Newbuilds

© StockStudio / AdobeStock

Israeli shipping company ZIM Integrated Shipping Services (NYSE: ZIM) on Wednesday announced a new charter transaction with a group of investors initiated by MPC Capital AG, according to which ZIM will charter a total of up to six 5,500 TEU wide beam newbuild vessels for a period of seven years and total charter hire consideration of approximately up to $600 million.The vessels will be constructed at Korean-based shipyard, HJ Shipbuilding & Construction (formerly known as Hanjin Heavy Industries & Construction Co.) and are scheduled to be delivered between May 2023 and February 2024.

28 Jul 2021

Philippine Creditors Set to Sell Debt-laden Shipyard

Credit: HHIC Phil (File Photo)

Philippine creditors are close to selling a strategically located but debt-laden shipyard north of the capital Manila, government officials said on Tuesday, with a North American company cited as being an investor in the deal.Hanjin Philippines, a unit of South Korea's Hanjin Heavy Industries & Construction Co Ltd, in 2019 defaulted on $1.3 billion in loans, of which $900 million is owed to South Korean banks and the rest to five Philippine lenders.Talks with investors were almost complete…

01 Jun 2021

KIGAM Orders New Research Vessel

(Image: Ulstein)

South Korean shipbuilder Hanjin Heavy Industries & Construction Co will build a new research vessel for Korea Institute of Geoscience and Mineral Resources (KIGAM).The ULSTEIN SX134 design vessel will be 92 meters long and 21 meters wide and fulfil the general demands of the seismic and oceanographic research industry for operations of seismic streamer cables, seismic bottom nodes, seismic high-resolution seafloor mapping, seafloor survey and sediment sampling.The vessel has been designed to include a variety of installed equipment…

30 Sep 2020

Cracked Containership No Longer Leaking Oil in NY Harbor

Oil is no longer leaking from the cracked hull of a containership moored in the Port of New Yok and New Jersey, the U.S. Coast Guard said Wednesday.A sheen around the Danaos-owned YM Mandate was first reported to the Coast Guard on Monday after the ship arrived at the Global Container Terminal in Bayonne, N.J., from Halifax, N.S.A unified command team consisting of the Coast Guard, New Jersey Department of Environmental Protection and Gallagher Marine Systems is responding since after the Coast Guard confirmed the Liberian-flagged vessel was leaking oil from a crack in its hull.Oil containment boom and absorbent pads are deployed around the 300 meter long, 6,572 TEU capacity YM Mandate, and skimming vessels continue to remove oil from the water.

19 May 2020

Damen Equipment for Korea's Oil Spill Recovery/Dredging Vessel

Image Credit: Damen

Dutch Damen Shipyards Group has signed a deal with Korean yard Hanjin Heavy Industries and Construction (HHIC) to deliver components for an oil recovery/dredging vessel. Under the deal, Damen will deliver all equipment for oil recovery operations as well as a complete dredging installation. The 5,000 tons, 4,100 m3 vessel multi-purpose vessel will primarily act as an oil recovery vessel, and will undertake work as a hopper dredger when not tending to emergencies.The equipment package comprises the dredging gear, the oil sweeping gear, and the electric and hydraulic system.

04 Mar 2020

Ship Repair Market to Reach $40Bn by 2026

Global ship repair and maintenance services market is expected to grow from USD 18.89 Billion in 2018 to USD 39.93 Billion by 2026 at a CAGR of 7.04% during the forecast period from 2019-2026.According to report published by Fior Markets, the key contributing factors for the market growth are increase in the demand for new ships and activities, shortening of supply chains in ship repair and maintenance services, increased seaborne trade against the backdrop of recent economic boom, increase in the production of vessels.The bulk carriers section is anticipated to remain leading in the global ship repair and maintenance services market with USD 4.12 billion.

09 Oct 2019

Austal, Cerberus Mull JV on Hanjin's Philippine Yard

AdobeStock / © Bernell11

Australian shipbuilder Austal Ltd and U.S. private equity firm are considering a joint bid for a strategically located but debt-laden Philippine shipyard, the facility's trustee said on Wednesday.Hanjin Philippines, a unit of South Korea's Hanjin Heavy Industries & Construction Co Ltd, in January defaulted on $1.3 billion in loans, of which $900 million is owed to South Korean banks and the rest to five Philippine lenders.Austal and Cerberus are interested in the distressed shipyard…

07 Jul 2019

Hanjin Heavy, EEI Team Up

South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. (HHIC) has partnered with Yuchengco group-led construction firm EEI Corp in Philippines.In a stock exchange announcement, EEI said that it formed a partnership with HHIC for upcoming construction projects. No other details were provided by both companies regarding the deal.The two companies have previously teamed up for local projects such as the Berth 6 Manila International Container Project.According to a report in Inquirer, the strategic alliance is seen to make use of HHIC’s special intellectual property in underground infrastructure, railway and airport construction projects.

26 Apr 2019

Philippines Shipyard Sale Open to All

All offers from potential buyers of a strategically located but debt-laden Philippine shipyard will be welcome, the trade minister said on Thursday, ruling out barring Chinese firms over national security fears.Trade Secretary Ramon Lopez said the government would not, and could not, block interested buyers of distressed shipbuilder Hanjin Philippines, which defaulted on $1.3 billion in loans, of which $900 million is owed to South Korean banks and the rest to five Philippine lenders.Hanjin, a unit of South Korea's Hanjin Heavy Industries & Construction Co Ltd, until recently employed 20,000 workers at its yard in Subic Bay, which until 1992 was home to a U.S.

21 Mar 2019

HMM Intros Scrubber Installation Fund

South Korean shipping company Hyundai Merchant Marine (HMM) announced that it has signed a memorandum of understanding (MOU) to establish a win-win fund for scrubber installation in preparation for IMO 2020 and to seek cooperation in the shipping-related industries.The total investment amount will be KRW 153.3 billion (USD 135.8 million) which consists of HMM’s investment of KRW 46 billion and the rest of the amount of KRW 107.3 billion (including Korea Ocean Business Corporation’s guaranteed loan of KRW 62.3 billion and a win-win fund of KRW 45 billion invested by five companies: Hyundai Corporation, SKTI, Hyundai Global Service, DSEC…

17 Feb 2019

Philippine Lenders Saves South Korea's Hanjin

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month. HHIC-Phil, a debt-stricken shipyard in Subic, has applied for a rehabilitation program.Nikkei quoted HHIC saying that Rizal Commercial Banking Corporation…

31 Jan 2019

LGP-Fuelled ME-LGIP to Power Chinese VLGC

Rendering of the MAN B&W ME-LGIP engine, showing here a 6S50ME-LGIP type  (Photo: MAN Energy Solutions)

Further shipowners turning to LGP in advance of 2020 emissions deadlineJiangnan Shipyard, owned by China State Shipbuilding Corp (CSSC), has ordered an LPG-burning MAN B&W 6G60ME-LGIP engine in connection with the building of an 86,000-m3 VLGC (Very Large Gas Carrier) for Tianjin Southwest Maritime (TSM), the Chinese shipping company. Vessel delivery is scheduled for the second half of 2021 and includes an option for a second vessel.Bjarne Foldager – Senior Vice President, Head of Two-Stroke Business at MAN Energy Solutions – said: “With 2020 and the new IMO emissions fast approaching…

27 Jan 2019

eMARINE Global Wins Warship ECDIS Contract with Hanjin Heavy

The provider of information and communications technology for the maritime industry eMARINE Global announced its second contract with Hanjin Heavy Industries & Construction (HHIC) to deliver its Warship Electronic Chart Display & Information System (WECDIS) for four new Republic of Korea (ROK) Navy patrol ships.The maritime ICT provider in South Korea said in a press release that in 2018, it  successfully delivered on the first phase of this project, installing its innovative WECDIS technology on the first four patrol ships. The ROK Navy has ordered a total of 12 patrol ships from HHIC.“We are pleased to continue our work with HHIC and the ROK Navy…

17 Jan 2019

Shipbuilding: Fitch Warns Over Hanjin Shipyard's Debt

The exposure of five Philippine banks to financially distressed Hanjin Heavy Industries and Construction Co. Philippines (HHIC-Phil), which recently declared bankruptcy after it defaulted on over $400 million in loans, could put pressure on their credit ratings.Their exposure to what may well be the largest corporate default in Philippine banking history may put pressure on the credit ratings of local lenders, Fitch Ratings said.According to reports, Hanjin owes $412 million to Philippine banks. Another $900 million is owed to Korean banks. So far, little is known about these debts and how the actual value of the assets of the company relate to its capacity to repay.“Local banks’ loans to HHIC-Phil are equivalent to only around 0.2 percent of system loans…

14 Jan 2019

Chinese Eye Philippines Hanjin Shipyard

Two Chinese shipbuilding companies have expressed intent to invest in the largest Philippine shipyard, debt-riddled Hanjin Heavy Industries and Construction Philippines, the Department of Trade Industry (DTI) said.Drowning in debt,  the Philippine business of the Hanjin Group of South Korea, has asked the government for help in search of an investor who would take over the business and save the troubled shipbuilder.Philippines Rodrigo Duterte administration has stepped in to help save the troubled investor in Subic.According to local media reports, which quoted Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo, two Chinese firms contacted the Board.“They’re interested in the shipbuilding industry in general ...

07 Nov 2018

Bio-Sea BWTS Installed in CMA CGM Antoine De Saint Exupéry.

France's BIO-UV Group has successfully installed and commissioned its Bio-Sea ballast water treatment system (BWTS) in CMA CGM's new flagship, the 400 m long, 20,600 TEU CMA CGM Antoine De Saint Exupéry.The vessel, one of the largest containerships to be built by Hanjin Heavy Industries' yard in the Philippines, and the largest to fly the French flag, was christened in Le Havre earlier this month by the Minister of Economy and Finance, Bruno Le Maire, and the Minister in charge of Transport, Elisabeth Borne.BIO-UV Group will also supply BIO-Sea Units to nine 22,000TEU CMA CGM vessels under construction in China, following the signing of a supply order earlier this year.Benoit Gillmann…

17 Sep 2018

Wärtsilä Wins First ‘LPG as Fuel’ Order for New Gas Carriers

Exmar’s new very large gas carriers will feature Wärtsilä technology that enables them to operate on LPG fuel. (Photo: Exmar)

Wärtsilä will provide an integrated cargo handling and fuel gas system for two new liquefied petroleum gas (LPG) carriers for Belgium-based owner Exmar. The 80,000m³ very large gas carriers are being built at HHIC-Philippines (Hanjin Heavy Industries & Construction Philippines) in Subic Bay, and will be the first vessels capable of running on LPG, according to Wärtsilä, who secured the order in July 2018.Wärtsilä, which offers ‘LPG as fuel’ as a fully integrated part of the cargo handling system…

09 Sep 2018

CMA CGM Inaugurates Antoine de Saint Exupery

French shipping group CMA CGM inaugurated its new flagship vessel 20,600 TEU-containership CMA CGM Antoine De Saint Exupery in Le Havre, France.Two French ministers, Bruno Lemaire (Economy) and Elisabeth Borne (Transport) were present for the event.Delivered last January 26 by Philippine shipyard Hanjin Heavy Industries & Construction Philippines of Subic Bay, the vessel is one of the largest container ships in the world. At 400-meters long by 59-meter wide, the vessel has the capacity to carry 20,600 twenty-foot containers.CMA CGM Antoine De Saint Exupery is equipped with environmental technologies such as a Becker Twisted Fin, which helps reduce in CO2 emissions by as much as 4%…

02 Apr 2018

HHI to Build First LPG-Powered Dual-Fuel Engine VLGC

Hanjin Heavy Industries (HHI) has announced that it will construct  two Very Large Gas Carriers (VLGCs) in their Philippines Facilities for EXMAR, the Belgian integrated gas shipping company. The 80,000 m3 newbuildings will each be powered by an individual MAN B&W 6G60ME-LGIP Mk9.5 engine. MAN Diesel & Turbo reports that the VLGCs have chosen LPG as a fuel option so they can comply with the new IMO sulphur-emission legislation due to enter force in 2020. Engine delivery to the yard has been scheduled for December 2019. Upon construction, the carriers will be chartered by Statoil. Bjarne Foldager – ‎Vice President Sales & Promotion, Two-Stroke Business at MAN Diesel & Turbo – said: “Interest in using LPG as a fuel…

29 Mar 2018

First LPG-powered Dual-fuel VLGCs Ordered

The Exmar fleet already contains a number of VLGCs such as that pictured here. The two newbuildings will be the first to feature LpG-powered, dual-fuel MAN B&W 6G60ME-LGIP engines (Photo: MAN Diesel & Turbo)

Shipbuilder Hanjin Heavy Industries announced it will construct two 80,000 m3 very large gas carriers (VLGC) at its Philippines facilities for Belgian integrated gas shipping company EXMAR. Upon construction, the carriers will be chartered by Statoil. The newbuildings will each be powered by an individual MAN B&W 6G60ME-LGIP Mk9.5 engine. MAN Diesel & Turbo reports liquefied petroleum gas (LPG) was chosen as a fuel option so the vessels will comply with the International Maritime Organization (IMO) sulphur-emission legislation due to enter force in 2020.

02 Mar 2018

EXMAR’s New VLGCs to Run on LPG

Two very large gas carrier (VLGC) newbuildings being constructed for Belgian owner EXMAR will be equipped with main engines that will use liquefied petroleum gas (LPG) as fuel.   Both vessels will be constructed by Hanjin Heavy Industries & Construction at its Subic Bay shipyard in the Philippines for delivery within the third quarter of 2020.   The MAN Diesel & Turbo engines will use part of the onboard LPG cargo for the vessels’ propulsion.   EXMAR has contracted the vessels to serve long-term commitments with Statoil ASA of Norway for worldwide LPG transportation.

31 Jan 2018

GoodBulk Takes Delivery of Two Capesizes

Greek dry bulk owner Goodbulk announced that in January it took delivery of two Capesize vessels and sold another one Capesize. The Company took delivery of the Aquaproud, a 2009 built Capesize vessel of 178,057 dwt built by Shanghai Waigaoqiao Shipbuilding (SWS), China on On January 24, 2018. The purchase, which is the third to deliver of six option Capesize vessels acquired from funds managed by CarVal Investors on December 20, was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,144,123 new common shares to funds managed by CarVal. The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement managed by C Transport Maritime SAM.