Hyundai Motor News

The Alabama Port Authority board of directors recently approved a $2.042 million purchase of 272 acres in Montgomery, Ala., to construct an inland container intermodal transfer (ICTF) facility. The project will extend intermodal rail service from the Port Authority’s container intermodal terminal at the Port of Mobile in support of Alabama regional growth in manufacturing, retail, distribution, and agribusiness sectors.“This project will provide our shippers cost-competitive transportation services to and from one of the nation’s fastest growth containerized cargo gateways,” said John C.

China's fast-spreading coronavirus is throwing the global container shipping trade out of sync, with lines re-routing cargoes and reducing calls to Chinese ports, setting the scene for months of delivery delays ahead, industry sources said.The spread of the deadly virus has shut down cities and factories in China and disrupted global air travel.China's decision to extend its Lunar New Year holiday period until Feb. 10 has compounded logistical complications, despite its ports staying open.

The economic impact of China's coronavirus lockdown is being felt across the globe, with exporters, miners and manufacturers of everything from coal and timber to meat and fruit facing delays and potential shipment cancellations.As the most populous nation and factory floor for most of the world's manufactured goods, China is normally the largest and most voracious consumer of a slew of global raw materials, fuels and foods.But the combination of an extended Lunar New Year holiday…

Hyundai has outsized influence over town's economy, population; Ulsan could be South Korea's Rust Belt in the making.When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.

When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.

Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles, said a report in RTT News. The auto freight unit of South Korea's Hyundai Motor Group quoted as saying that the orders are to ship vehicles built by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. The report said that, under the two separate deals, Hyundai Glovis said it is set to ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019. The two deals cover up to 60 percent of Hyundai and Kia's exports, respectively. Last year, Hyundai Glovis signed a share purchase agreement with Eusu Ship Management Co., Ltd.

Typhoon Chaba battered southern parts of South Korea with violent wind and heavy rain on Wednesday, killing at least three people and flooding the country's main port and industrial sites and disrupting production at some factories. The storm hit the island of Jeju overnight and one person was reported missing amid widespread power outages and damage to homes and other buildings. Twenty-six flights linking the holiday island to the mainland and to China were cancelled. The port in the city of Busan was shut for a second day as Chaba whirled past and headed east towards Japan. An official at the country's biggest port said it was expected to reopen later in the day.

South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms. "Our key industries like shipping and shipbuilding are being aggressively caught up by countries like China and management conditions have worsened due to weak global trade," Finance Minister Yoo Il-ho said in a speech announcing the corporate restructuring plans on Wednesday. South…

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.

APM Terminals Pipavav welcomed the IDM Symex, which arrived with a cargo of 800 Hyundai cars loaded at the Port of Chennai on February 5th, in a pioneering use of economical and environmentally-friendly coastal transportation of Indian-manufactured automobiles. APM Terminals Pipavav, part of the APM Terminals Global Terminal Network, commenced export Roll-on/Roll-off (Ro/Ro) services in August 2015, after NYK Auto Logistics India (NALI) invested in a state of the art stock yard and PDI [pre delivery inspection] facilities. The new cars destined for Western India dealerships originated at Hyundai Motor India Limited’s (HMIL) automotive manufacturing facility near Chennai, in Tamil Nadu State.

Japanese automakers are being forced to ship some car parts to U.S. plants by expensive air cargo and tweak production processes as a protracted labor dispute at U.S. West Coast ports shows no signs of letting up. Fuji Heavy Industries Ltd's Subaru, the fastest-growing brand in the United States, said this week that it now had to shoulder an extra 7 billion yen ($60 million) in costs a month due to air freight, which has seen prices go up with the extra demand. "It looked like the labor talks were going well at one point but in recent days the slowdown has grown quite severe," Fuji Heavy Chief Financial Officer Mitsuru Takahashi said. He said that without the move to chartered cargo flights, the automaker's U.S. production would have come to a halt in mid-February.

Hyundai Glovis Co., South Korean shipping firm, clinched a $100 million shipping service contract with a building materials firm in Qatar, reports Yonhap news agency. According to the agreement signed with state-run Qatar Primary Materials Co., Hyundai will transport 12 million tons of aggregates to the Arab nation from neighboring United Arab Emirates for the next two years. The aggregates imported by the Qatari government are to be used in the construction of facilities for the 2022 FIFA World Cup to be hosted by the country. Kim Kyung-bae, chairman of Hyundai Glovis, the logistics unit under auto conglomerate Hyundai Motor Group, said that the a test deal will be a chance for his company to promote its competitiveness in the Middle Eastern logistics industry.

APS Stevedoring LLC, an auto and general/breakbulk cargo stevedoring company headquartered in Long Beach, Calif., recently added to its terminal and stevedoring locations with Hyundai Motor’s Portland, Oregon, Terminal 6 - Berth 601 auto terminal. On May 2, 2012 APS discharged 976 imported Hyundai units and loaded back 179 Ford exports to Eukor Car Carriers’ M/V Ryujin. The two major car carriers at this facility are Eukor Car Carriers Inc and Glovis. Additionally, K Line and MOL have occasional space charters. Current auto makers include Hyundai for imports, with an estimated annual volume of 80,000 units, and Ford for export, with other possible export manufacturers to come. Average units per arrival are 1,500.

Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0.5 percent at 10,400 won. The mainboard KOSPI was down 0.5 percent. Fears are mounting that key steel makers could jack up product prices to reflect higher cost of raw materials, including iron ore and coal. POSCO and Nippon Steel said Monday that they have agreed to a 65 percent increase in iron ore contract prices with Brazil's Companhia Vale do Rio Doce, which will set a global benchmark.

Expanding the Suezmax fleet and greater involvement in carrying oil products are among the ambitions being pursued by theTeekay Tanker Services (TTS) business unit of Teekay. "At the same time, we're working to expand our strong Aframax position," said TTS Vice President Peder Farmen, who heads the product transport sector of TTS from the group's Norwegian office in Stavanger. Teekay's conventional shipping operations in Norway have further diversified the company's fleet, the majority of which is comprised of Aframax vessels. Since Teekay's acquisitions of Bona Shipholding in 1999, Ugland Nordic Shipping in 2001 and Navion in 2002, Teekay has established itself as a leading tanker operator in the North Sea and Atlantic, in addition to the Pacific.

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.

Representatives from Wilh. Wilhelmsen ASA (WW) and Wallenius Lines AB (OW) on August 10, 2002 signed the agreement with Korea’s Hyundai Merchant Marine Co., Ltd. (HMM) on the acquisition of HMM’s car carrier division. The terms of the agreement include long-term exclusive contracts with Hyundai Motor Company (HMC) and Kia Motor Corporation (KMC) on shipping their car exports for an initial five-year period, with provision for extensions. The newly-established company, which will acquire HMM’s car carrier division, will be incorporated in Korea, with WW and OW together holding 80 percent and with HMC and KMC together holding 20 percent. The price for the acquisition will be $1.3 billion plus the assumption of future vessel charter obligations.

South Korea's Hyundai Heavy Industries Co. plans to cut its debt-to-equity ratio to 140 percent by the end of the year by selling shareholdings in its affiliates, according to company officials. The company has so far booked more than $116 million in profit from selling some $220 million worth of securities in Hyundai Securities, Hyundai Motor and Hyundai Electronics Industries.