Hyundai Group News

HD Hyundai Global Service, a ship service subsidiary of HD Hyundai Group, has announced that it has signed contracts with Cool Company (CoolCo), an owner and operator of LNG vessels, to retrofit five LNG carriers with reliquefaction units.The contract value is approximately US$10 million per vessel.A reliquefaction unit is a device used to re-liquefy the boiled off gas (BOG) generated during the operation of LNG cargo tanks, either returning the gas to the cargo tank or preventing natural evaporation using sub-cooled LNG.

HMM Co Ltd, South Korea's largest container shipping company by sales, said on Thursday it plans to invest 15 trillion won ($11.46 billion) over the next five years to sharply increase its capacity.HMM plans to expand its shipping capacity to 1.2 million 20-foot equivalent units (TEU) from the current 820,000 TEU by 2026 and increase the number of bulk carriers to 55 from 29.

France-based GTT said it has received an order from South Korean shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) to design the tanks of four newbuild liquefied natural gas (LNG) carriers.Three of the LNG carriers will be built by HHI, two on behalf of an Asian shipowner and one on behalf of a European shipowner. The last LNG carrier will be built by HSHI on behalf of a European shipowner.Each vessel will offer a capacity of 174,000 cubic meters. GTT will design the tanks of the vessels, which will be fitted with the Mark III Flex membrane containment system.

French liquefied natural gas (LNG) containment system specialist Gaztransport & Technigaz (GTT) has received several orders from Korean shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) for the equipment of eight new LNG Carriers (LNGC).According to a press note from the French LNG storage technology firm, the orders were receirved at the end of December 2019.Each vessel will offer a capacity of 174,000 m3 and will be fitted with the Mark III Flex technology.Four of these LNGCs will be built by HHI: two on behalf of an Asian ship-owner and two on behalf of a European ship-owner. The others four LNGCs will be built by HSHI on behalf of another European ship-owner.The deliveries are expected during the second half of 2022.Philippe Berterottière…

French liquefied natural gas containment system specialist GTT has received two orders from the Hyundai group concerning the tank design for two LNG carriers.The French LNG storage specialist said that the two LNGCs will be built in Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) shipyards in Korea.The two LNGCs have a capacity of 180,000 m3, for the first and 174,000 m3, for the second, on behalf of two ship-owners which names remain confidential at this stage.GTT’s Mark III Flex membrane containment system has been selected to equip the tanks of the vessels, the deliveries of which are scheduled between the…

GTT has signed a Technical Assistance and License Agreement (TALA) with South Korean shipbuilder Hyundai Mipo Dockyard (HMD) targeting the outfitting of gas carriers, in particular small and middle scale (up to 50,000 m3) and liquefied natural gas (LNG) fuel tanks for merchant ships.Hyundai Mipo obtained its license after completing a qualification process that began in April 2018, including the construction of a Mark III Flex mockup and an audit lead by GTT.The shipyard is now the third among the Hyundai group to be licensed by GTT. The two other construction sites, Hyundai Heavy Industries and Hyundai Samho Heavy Industries, have been…

Hyundai Merchant Marine (HMM) will start the process to appoint a new chief executive officer (CEO) when Hyundai Group loses control on Aug. 5, reports Korea Times quoting un-named industry sources. The challenged shipper will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank (KDB). KDB is bent on installing a new leadership at the shipping line and is open to hiring a foreign chief executive. To make a pool of candidates, the creditor reportedly appointed a number of executive search firms. Last week, KDB Chairman Lee Dong-geol suggested standards for appointment, saying it will not exclude "people who have no relation with HMM" including foreign experts.

A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM) after the company's bondholders rejected the company's proposed debt rescheduling plan, says Alphaliner. "The potential bankruptcy of the financially troubled South Korean carrier would be the largest-ever in container shipping. Based on the total vessel container capacity operated by the respective insolvent carriers, a failure of HMM would dwarf all previous bankruptcies in this sector," said Alphaliner, noting that the company's survival seems to depend on a government bail out.

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering, in South Korea. MacGregor's Pusnes deck machinery has been specified for the following ship types: twelve very large crude carriers (VLCC); four Suezmax tankers; six liquefied petroleum gas (LPG) carriers…

MacGregor, part of Cargotec, has secured orders for a series of Pusnes deck machinery packages for various shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering, in South Korea. "These orders clearly show the confidence our customers have for MacGregor and our equipment," says Nils Jørgen Walle, Sales Manager for Pusnes deck machinery at MacGregor. MacGregor's Pusnes deck machinery has been specified for the following ship types: twelve very large crude carriers (VLCC); four Suezmax tankers; six liquefied petroleum gas (LPG) carriers…

South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday. Hyundai Merchant Marine will sell its entire 22.4 percent stake in the stock brokerage to the special purpose company, HMM said in a separate regulatory filing earlier on Friday. The sale is part of parent Hyundai Group's attempts to sell assets to cut debt, first announced in 2013. Reporting by Joyce Lee

After 35 days at sea, the Stena Polaris has arrived at the port of Yousu in South Korea. She has sailed via the icy and harsh Northeast Passage along Russia’s northern coast. After arriving at her final destination, the ship was celebrated with representatives of the South Korean government, the corporate management of both Hyundai and the Stena Group and the port authorities attending. The Stena Polaris began her voyage on September 17 in the port of Ust Luga in the Gulf of Finland with a cargo of 44,000 tons of naphtha.

Stena Bulk and South Korean Hyundai Glovis, the Hyundai group’s shipping arm, will begin collaborating with a cargo shipped via the North East Passage. The Stena Polaris, a P-MAX tanker with ice class 1A, will leave Ust Luga in the Gulf of Finland on September 15 with a cargo of 37,000 tons of naphtha. The voyage, which will go via the North East Passage, is expected to take 28 days with the tanker arriving in a port in South Korea in mid-October. “We see the voyage with the Stena…

Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.

South Korea's Hyundai Engineering & Construction sold $33.47 million worth of shares in Hyundai Merchant Marine on Wednesday as part of efforts to raise capital to avert bankruptcy. Hyundai Engineering, parent of Hyundai Group, barely avoided insolvency on Tuesday after creditors agreed to roll over 30 billion won in maturing debts. The builder sold 15.6 million common shares in Hyundai Merchant to Hyundai Elevator , investor relations official Kim Sung-kook said. The Hyundai Merchant shares were sold at 2,430 won their closing level on Wednesday. They closed up almost 11 percent on Thursday, while Hyundai Engineering shares surged almost 15 percent to close at 1,350. Hyundai Engineering's stake in the shipping company fell to 8.69 percent from 23.86 percent.

Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family. He earned his first wage as a rice delivery boy. His first step on the road to riches came with his first ventures, a lorry firm and car repair company in the waning days of Japan's 1910-45 occupation of Korea.

South Korea's Hyundai Asan Co, a unit of the Hyundai Group, said on Monday it would take over the group's loss-making tours to North Korea from its sister firm Hyundai Merchant Marine. "Hyundai Merchant Marine would not participate in our North Korean tour project in the future as the company had been under pressure from its creditors to pull out of it," a Hyundai official said. The official said Hyundai Asan could lease cruising ships from Hyundai Merchant Marine or pay the cruise operator for its ferry runs to North Korea's scenic Mt. Kumgang region. Hyundai Engineering's board approved on Monday morning Shim Hyun-young, president of Hyundai Engineering Plastic, as new president of the nation's largest builder.

Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first half of 2003. Net revenues for the second quarter of 2003 were $61.5 million, a 122% increase over the $27.8 million generated in the second quarter of 2002. This increase reflected the expansion in the fleet (average number of vessels of 25.4 in 2003 vs. 17.0 in 2002) as well as the strong charter market. Net income for the second quarter of 2003 was a record $18.7 million versus $2.2 million in the second quarter of 2002. Earnings per share were a record $1.08 as compared with $0.13 per share in the like period of 2002. Interest and finance costs were $3.3 million in the second quarter of 2003 compared with $3.8 million in the second three months of 2002…

Hyundai Group will start ferrying foreign tourists to North Korea's fabled Kumgang Mountain starting on Oct. 23, the group announced. "We have issued invitations to about 20 to 30 diplomats, businessmen and other foreigners currently residing in Korea," said Hyundai Group spokesman Yoo Keun-chan. He said they included Jeffrey Jones, the president of the American Chamber of Commerce in Korea. Jones said last week his business group was planning a ground-breaking trip north of the demilitarized zone separating the two Koreas to examine business opportunities, after Washington relaxed long-standing trade sanctions against the communist Pyongyang.

The Hyundai Corporation, the largest general trading company in Korea and independent company within the Hyundai group of companies, and Tribon Solutions recently signed a co-operation agreement whereby the Hyundai Corporation will support the marketing activities of tribon.com on the Korean market. The Hyundai Corporation is focusing on business to business trading, making strategic alliances with domestic and overseas companies following its "Hyundai Corporation Internet Business Master Plan" launched in year 2000. Hyundai Corporation intends to fully explore the possibilities of the Internet transforming itself into a "Global Network Digital Enterprise". tribon.com provides a neutral Internet service for the shipbuilding industry that centers around a database.

Hyundai Heavy Industries, the world's largest shipbuilder, sees a strong earnings recovery after cleaning up the last of its soured investments in sister firms, a company executive said on Thursday. The South Korean company expects to have to write off most of its equity investment in ailing Hynix Semiconductor, formerly Hyundai Electronics, in either 2002 or 2003. "It seems our stake in Hynix has soured," Suh Tae-hwan, a senior vice president in charge of finance affairs, said in an interview with Reuters. Hyundai Heavy built up a 7.01 percent stake in Hynix for 592 billion won. But after the global chip depression that stake is now worth only about 57 billion won ($44.7 million).

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 Korea's Hyundai Heavy Industries, the largest shipbuilder in the world, reported a first-quarter loss on Friday after it was hit by losses at sister firm Hyundai Petrochemical. But Hyundai Heavy said it would chalk up large profits by the end of the year, as a flood of backlogged orders would keep the yard busy for the next two and a half years. Hyundai Heavy said it incurred a 81.9 billion won ($62.92 million) net loss during the January-March period, compared to a net profit of 42.7 billion won a year earlier. The company said its EBIT (earnings before interest and taxes), or operating profit, during the first quarter of this year rose to 187.6 billion won, up 9.5 percent from the same period last year.