Hanjin News

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…

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.

U.S. private equity firm Cerberus will acquire for $300 million a debt-laden shipyard in the Philippines at a former U.S. navy base close to the South China Sea, the facility's trustee and two sources with knowledge of the deal said on Tuesday.The fate of the strategically located Subic Bay shipyard has been a national security concern for defense chiefs, with fears it could be taken over by state-run firms from China, with which the Philippines has a long history of mistrust.In 2019…

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…

Danaos Corporation on Wednesday announced it has entered into an agreement to acquire six secondhand 5,466 TEU container vessels en bloc for $260 million.The vessels, which have an average age of 6.8 years, were built at Hanjin Subic Bay shipyard and are on time charter contracts with a weighted average charter duration of approximately two years.The acquired vessels, which are expected to be gradually delivered to the company by the end of the third quarter of 2021, are eco-design wide beam vessels with improved fuel consumption and load efficiency characteristics when compared to conventional designs, the company said.The acquisition…

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…

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.

William P. Doyle is the incoming Executive Director of the Maryland Port Administration. A former U.S. Federal Maritime Commissioner, Doyle currently serves as CEO & Executive Director of the Dredging Contractors of America – and the group's member companies have recently made a series of announcements to build new dredges of several types and sizes. We caught up with the incoming Port of Baltimore head to discuss his initial goals for the new role. How do you feel about being selected the head of MPA and Executive Director of the Port of Baltimore?I feel terrific.

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.

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.

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…

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.

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.

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…

Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM)  has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround. His successor has yet to be announced.Yoo thanked staff for support and requested them “to join forces with an incoming CEO and make a new leap forward for history” in the emailed farewell message…

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…

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…

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…

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…

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 ...

South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing a method of buying up new shares issued by SK Shipping.An official at SK Group confirmed that they are talking to Hahn & Company regarding the issue, but nothing has been finalized yet.

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…

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…