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Hyundai Heavy Industries Co News

22 Dec 2023

Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers

(Credit: Capital Gas)

New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…

05 Sep 2023

GE Vernova's SeaGreen Power and Propulsion for Excelerate Energy's New FSRU

©Excelerate Energy

GE Vernova’s Power Conversion recently won a contract award from HD Hyundai Heavy Industries Co. to supply GE Vernova’s SeaGreen integrated power and propulsion system, equipped with high power-density induction motor technology, to power and propel the next-generation FSRU for United States ship owner Excelerate Energy Inc."The FSRU, to be constructed at HD Hyundai Heavy Industries’ shipyard, is to be fitted with the latest, proven technology for optimized vessel energy management and performance…

05 Jul 2023

Yang Ming Orders Five New Box Ships

© carol_anne / Adobe Stock

Taiwanese container shipping company Yang Ming Marine Transport Corp. announced it has ordered five liquefied natural gas (LNG) dual-fuel containerships from South Korean shipbuilder HD Hyundai Heavy Industries Co., Ltd. The 15,500 TEU newbuilds are scheduled to be delivered in 2026. Each will be equipped with high-pressure LNG dual fuel main engines and ballast water treatment systems. In addition, the vessels will feature an advanced integrated system for navigational information and operation monitoring…

10 Aug 2022

NYK Concludes Long-Term Time-Charter for Seven New LNG Carriers

NYK said that the joint-venture companies (Comprising NYK, “K” Line, MISC Berhad, and China LNG Shipping (Holdings) Limited) that NYK is a part of have signed a long-term time-charter contract with QatarEnergy, the state energy company of Qatar, for seven liquefied natural gas (LNG) carriers. The joint-venture companies have also executed shipbuilding contracts for the seven 174,000 m3 LNG carriers with Hyundai Heavy Industries Co., Ltd.These ships will be equipped with an X-DF 2.1 iCER and air lubrication system, both of which will contribute to a reduction of GHG emissions and an improved environmental impact.LNG Carrier Main ParticularsLength, oa: approx.

05 Jul 2022

Performance Shipping Adds Secondhand Aframax Tanker

Greek tanker owner Performance Shipping announced it has taken delivery of the a 2009-built 105,071 dwt Aframax tanker that it agreed to purchase in June 2022.The vessel, formerly known as Maran Sagitta, has been renamed P. Sophia. It was built in 2009 by Hyundai Heavy Industries Co., Ltd. in Ulsan, South Korea. Performance Shipping acquired the vessel for a gross purchase price of $27,577,320.Andreas Michalopoulos, Performance Shipping’s chief executive officer, said the delivery increases the company’s fleet to a total of six Aframax tankers, all currently operating in the firm spot charter market. “The addition of this high specification vessel…

21 Jun 2022

Performance Shipping Buys an Aframax Tanker

Greek Tanker owner Performance Shipping Inc. on Tuesday announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 105,071 dwt Aframax tanker from an unaffiliated third party for a gross purchase price of $27,577,320.The vessel, which is expected to be delivered to the company on or about July 5, 2022, will be renamed P. Sophia from Maran Sagitta.It was built in 2009 by Hyundai Heavy Industries Co., Ltd. in Ulsan, South Korea and is fitted with a ballast water treatment system (BWTS). Its next scheduled special survey and drydock is not due until 2024.Performance Shipping said it…

08 Mar 2022

AET Takes Delivery of Eagle Canoas

Eagle Canoas (Photo: AET)

Singapore-headquartered shipowner AET said it has taken delivery of Eagle Canoas, its newest shuttle tanker from South Korean shipbuilder Hyundai Heavy Industries Co., Ltd (HHI).The Dynamic Positioning (DP2) vessel is the second  in a series of three Suezmax shuttle tankers chartered by Shell in Brazil.AET struck a deal with Shell in December 2019 to operate the three shuttle tankers in the international and Brazilian Basin on a long-term charter. The first vessel, Eagle Campos…

21 Jan 2022

KSOE & HHI Receive AIP for BV Cyber Managed Prepared Notation

The certificate was delivered to Won Ho Joo, Senior Executive Vice President and Chief Technical Officer of HHI, by Christophe Capitant, Country Chief Executive of BV Korea, at a ceremony held at HHI’s Shipbuilding Management’s offices in Ulsan, Republic of Korea. (Photo: BV)

Bureau Veritas (BV) has delivered an approval in principle (AIP) for BV’s ‘Cyber Managed Prepared’ notation to Hyundai Heavy Industries Co., Ltd. (HHI) and Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE) for its vessel design.The maritime industry is growing ever more connected, with the majority of newbuild vessels today being built with integrated digital systems on board. While this increased digitalization enables ship owners and managers to collect data and exchange information with their vessels, it also leaves ships vulnerable to cyber risks, BV said.

01 Dec 2021

Hi-Float: Hyundai Heavy Gets BV AiP for Floating Wind Turbine Foundation

Credit: BV

Bureau Veritas (BV) has granted an Approval in Principle (AiP) to Hyundai Heavy Industries for its design and development of “Hi-Float”, a floating offshore wind turbine foundation. The offshore floating wind substructure “Hi-Float” is designed to support a 10MW wind turbine with semi-submersible and mooring technology. According to a press statement issued by BV, at Hi-Float,  a passive ballast system ensures that risk is kept to a minimum during offshore operations. The good…

22 Nov 2021

NYK Bulk Carrier Completes Another Run on Biofuel

Image courtesy NYK

NYK conducts third successful biofuel trial on ship carrying Tata Steel cargoThe bulk carrier Frontier Sky, which is owned by NYK and operated by Tata NYK Shipping Pte. Ltd., conducted a trial use of biofuel to transport cargo provided by Tata Steel Limited, the major steel manufacturer in India. According to the company, this is the third successful trial use of biofuel by an NYK vessel.In this test voyage, the vessel was fueled with biofuel by Toyota Tsusho Petroleum Pte. Ltd. at the port of Singapore on November 14 and a test voyage was conducted on a route to the port of Dhamra, India.

21 Sep 2021

HHI & KSOE Receive AIP for Ammonia Carrier

(Image: HHI / KSOE)

Bureau Veritas (BV) has delivered an approval in principle (AIP) to Hyundai Heavy Industries Co., Ltd. (HHI) and Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE) for its innovative design and development of an ammonia carrier with ammonia-fueled propulsion.Ammonia, which continues to gain interest as a marine fuel worldwide, is one of the main alternative fuel options currently considered by shipping for net zero operations, in line with the targets set up by the International…

01 Sep 2021

Babcock, HHI ink deal on S. Korea's new Aircraft Carrier Program

Image courtesy Babcock

Babcock International Group signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries Co Ltd (HHI), to focus on the Republic of Korea’s CVX Aircraft Carrier Program opportunity.John Howie, Babcock Group’s Chief Corporate Affairs Officer, signed the MoU on behalf of the company with Mr. Sam-Hyun Ka, CEO, Korean Shipbuilding and Offshore Engineering (KSOE), the holding company of HHI at the Babcock Korea Limited facility in Busan. The agreement brings the two parties closer together…

11 May 2021

Korea Shipbuilding & Offshore Engineering Confirms $764,5M FPSO Hull Order

Korea Shipbuilding & Offshore Engineering has through its subsidiary Hyundai Heavy Industries secured a ~$764,5 million order for the construction of an FPSO Hull.In a stock exchange filing on Tuesday, KSOE said it had secured a KRW 854,7 billion. It said its contract partner was Singapore's Keppel Shipyard and that the delivery was for the South American market.KSOE said the contract date was May 10, 2021. The date corresponds to Keppel Shipyard's announcement on Monday, which said it had won a contract…

10 May 2021

Petrobras Orders Seventh FPSO for Buzios Field

Credit: Keppel Shipyard

Brazilian oil company Petrobras has ordered an FPSO from Singapore's Keppel Shipyard, in what will be the seventh FPSO unit installed in the Búzios field, in the Santos Basin.The FPSO, to be named P-78, will have a processing capacity of 180 thousand barrels of oil per day and 7.2 million cubic meters of gas per day. Keppel is expected to deliver the FPSO in late 2024. Keppel said that the value of the order was $2.3 billion.Keppel O&M will build the topside modules weighing 43…

06 May 2021

Hyundai Heavy Industries Applies for IPO Approval

Credit: Jasmine Halki/Flickr - CC BY 2.0

South Korean shipbuilder Hyundai Heavy Industries Co Ltd applied for preliminary approval for an initial public offering, Korea Exchange said on Thursday.The company, currently wholly owned by Korea Shipbuilding & Offshore Engineering, was separated from Korea Shipbuilding in 2019.Hyundai Heavy reported a 2020 operating profit of 32.5 billion won on revenue of 8.3 trillion, Korea Exchange said in a statement.(Reporting by Joyce Lee; editing by Jason Neely)

26 Jan 2021

Hyundai Heavy Industries Plans IPO for Green Tech Investment

(Photo: Hyundai Heavy Industries)

South Korean shipbuilder Hyundai Heavy Industries Co Ltd said on Tuesday that it plans an initial public offering (IPO) to raise funds toward a 1 trillion won ($905 million) investment over five years into green technology.Hyundai Heavy will issue a stake of about 20% in new shares within the year, the shipbuilder said in a statement.The money will go toward the development and construction of green ships and facilities, advancement of technologies such as dual-fuel propulsion and autonomous sailing ships, as well as toward investments in companies with fuel cell technologies, it said.The ship

11 Dec 2020

WE Tech to Equip Knutsen LNG Carrier Duo

(Image: Knutsen O.A.S.)

WE Tech Solutions said it has received an order to deliver its Solution One Economical Operations to a series of two liquefied natural gas (LNG) carriers being built by Hyundai Heavy Industries Co. in South Korea. This 174,000-cubic-meter capacity LNG carrier series is owned by Knutsen OAS Shipping and will be chartered to Polish Oil Mining and Gas Extraction S.A..WE Tech said its delivery package includes two sets of direct drive permanent magnet shaft generators, variable speed frequency drives and dedicated power management System (DPMS).

17 Nov 2020

World's Largest Ethane Carrier Delivered

(Photo: MISC Berhad)

MISC Berhad (MISC) has taken delivery of the world's largest very large ethane carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea.The newbuild 98,000 cubic meter capacity Seri Everest, MISC's first VLEC, is the lead vessel in a series of six that the shipowner purchased from Zhejiang Satellite Petrochemical (STL) in July 2020. Concurrently, MISC had also entered into time charter parties (TCPs) with STL, for the six VLECs to operate in international waters.

20 Oct 2020

WE Tech to Equip Six Shell LNG Carriers

(Photo: Shell)

WE Tech Solutions said Tuesday it has been awarded a contract to equip six additional newbuild liquefied natural gas (LNG) carriers that will be chartered to Shell.The Finnish firm said it will deliver six shipsets of its Solution One for the 174,000m³ capacity LNG carriers, which are chartered to energy major Shell LNG via the owners Knutsen OAS Shipping, J.P.Morgan Asset Management and Korea Line Corporation. The order is an option to the earlier eight contracted in March, now also added with a second option for another six more.The vessels are being built by Hyundai Heavy Industries Co.…

14 Sep 2020

Hyundai Heavy's Floating LNG to Power Solution Gets BV Nod

Credit: BV

South Korean shipbuilding giant Hyundai Heavy Industries' Floating LNG to Power solution - Hi-FL2P - has been granted an approval in principle certificate by the global classification society Bureau Veritas.‘Hi-FL2P’ has been described as an ‘All-in-One Type’ Floating LNG Power Plant where all equipment and systems that are required for the power generation and transmission including LNG containment, gas supply system, and power plant are installed in one unit to function as a stand-alone power plant.The ‘Hi-FL2P’ was developed in a Joint Development Project with  Bureau Veritas.

05 Jan 2020

HHI Projects a Revenue of $15.9Bn in 2020

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group, which includes the world's largest shipyard, aims for a revenue of USD 15.9 billion in 2020.Yonhap News Agency said the combined target of Hyundai Heavy Industries Co., Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. remains unchanged from last year’s goal.HHI said it aims to bag $8 billion worth of deals in 2020, according to the report.Hyundai Mipo Dockyard said in a regulatory filing that it aims to clinch deals worth $3.65 billion this year.In 2019, Hyundai Mipo Dockyard won orders worth $2.7 billion, achieving 76 percent of its annual order target of $3.53 billion.Hyundai Samho Heavy Industries said it aims to secure orders worth $4.25 billion this year.

13 Mar 2020

KOTC Adds New Gas Tanker

Kuwait Oil Tanker Company (KOTC) said that it received the giant liquefied natural gas (LNG) tanker, Umm Ruwaisat, as part of a major fleet overhaul.Accoding to Kuwait News Agency (KUNA), KOTC has entered the fourth phase of its fleet overhaul, which entails the delivery of eight carriers, three of which are gas tankers built by South Korean ship building firm Hyundai MIPO.The fourth phase of the fleet development includes the delivery of eight tankers of which three are giant LNG tankers built by Korea’s Hyundai Heavy Industries Co, in addition to four medium-term oil products tankers and a huge crude oil tanker currently being built in a Chinese firm.

17 Apr 2020

Finnlines Orders MAN Propulsion Package for New RoRos

Graphical rendering of the new hybrid RoRo (picture courtesy Finnlines/ Knud E. Hansen)

MAN Energy Solutions has won the order to supply six MAN B&W 9S50ME-C9.6 Tier II-compliant main engines for three 238-meter roll-on/roll-off (RoRo) vessels intended for operation in the Baltic Sea. The customer is Finnlines PLC., the Finnish shipping company and part of the Grimaldi Group. MAN Energy Solutions’ two-stroke licensee – Hyundai Heavy Industries Co., Ltd. (Engine & Machinery Business Unit) – will build the engines in Korea, while Nanjing Jinling shipyard in China will construct the vessels.