Hyundai Heavy Commissioned To Run Halla
Hyundai Heavy Industries Co. will reportedly be commissioned to run the bankrupt shipbuilding firm Halla Engineering and Heavy Industries, which filed for court receivership in December 1997 due to severe debt troubles. A spokesperson said Hyundai would have 30 percent of Halla's recurring profits in return for the commissioned management.
TOP Tankers Takes Third Vessel
TOP Tankers Inc., took delivery of M/T Invincible, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1992 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. The delivery of the M/T Invincible represents the third of 10 double-hull tankers the company expects to acquire from its current owners from the proceeds of its initial public offering announced on July 23, 2004. This third delivery increases the size of the fleet to 10 tankers, consisting of 2 Suezmax tankers, 5 Handymax tankers, and 3 Handysize tankers. TOP Tankers Inc. is an international provider of worldwide seaborne crude oil and petroleum products transportation services.
TOP Tankers Takes Delivery of Fourth Vessel in Series of Ten
TOP Tankers Inc announced took delivery of M/T Victorious, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Victorious represents the fourth of 10 double-hull tankers the Company expects to acquire using the proceeds of its initial public offering announced on July 23, 2004. This fourth delivery increases the size of the fleet to 11 tankers, consisting of 2 Suezmax tankers, 6 Handymax tankers and 3 Handysize tankers.
TOP Announces Delivery of Sixth in Series of Ten
TOP Tankers Inc, announced that it took delivery of M/T Restless, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Restless represents the sixth of 10 double-hull tankers the Company is acquiring using the proceeds of its initial public offering announced on July 23, 2004. This sixth delivery increases the size of the fleet to 13 tankers, consisting of 2 Suezmax tankers, 8 Handymax tankers and 3 Handysize tankers.
Seadrill Bondholders Post Cash Deposit for Rival Restructuring
Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company's main owner, Norwegian-born billionaire John Fredriksen…
EU to S. Korea: Agreement on Subisdies Soon Or Else
The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission…
Saudi Aramco Shipyard Joint Venture Appoints CEO
Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.
DNV GL Launches Project to Test Biodegradable Lubricants
Classification society DNV GL has launched a new joint development project (JDP) in cooperation with marine insurers The Swedish Club, Norwegian Hull Club, Gard and Skuld to test the potential influence of Environmentally Acceptable Lubricants (EALs) on failures in stern tube bearings. DNV GL will oversee detailed laboratory testing of EALs by Leonardo Testing Services Ltd. at the University of Sheffield (UoS), UK. The JDP has been prompted by an increase in stern tube bearing failures over the last few years.
Korean Yard Contracted to Build Giant Semi-submersible Rig
Hyundai Heavy, as a turnkey contractor, will undertake all works including engineering, procurement and commissioning for the USD 700 million project. The contract also includes an option exercisable by the owner to order an additional same class drilling rig. The rig will be built at Hyundai Heavy’s Gunsan Shipyard. Equipped with a 1,650 ton Goliath Crane and the world’s largest 1.3 million DWT dry dock, the Gunsan Shipyard has delivered 26 ships since its establishment in 2010.
South Korean Shipyards Aim More Orders
South Korean shipyards have sharply raised their order targets for next year on expectations that the shipbuilding sector will improve, Yonhap reported. The country's three major shipyards - Samsung Heavy Industries (SHI), Daewoo Shipbuilding & Marine Engineering (DSME), and Hyundai Heavy Industries (HHI) - are looking at improving business conditions on the back of a recovery in the global economy and stable oil prices. The report quoted industry sources saying that HHI is targeting US$13.2 billion worth of new orders next year, up 76 percent from this year's $7.5 billion.
Royston Expands UK Engineering Facilities
Royston Diesel Power has doubled the size of its UK engineering facilities to support continuing global growth in its marine engine service business and new technology development. As part of a £500,000 ($676,000) investment program the company has opened an additional 15,000 sq. ft. of engineering workshop premises alongside its existing headquarters on the banks of the River Tyne. As well as increasing the company’s engine repair and maintenance capability, the new center will also provide a focus for a range of other technical support functions.
Shipbuilding: $13.3 Mln Awarded for R&D Projects
The National Shipbuilding Research Program’s (NSRP) Executive Control Board has selected a new round of research and development (R&D) projects aiming to spur technology advancements in order to reduce costs associated with shipbuilding and ship repair in the U.S. The seven projects – valued at over $13.3 million, including cost share – were selected from those proposed in response to research announcement issued in July 2017, and are outlined below. Objective: The primary goal…
Hyundai Heavy Wins $2 Billion Offshore Facilities Order
Hyundai Heavy Industries (HHI), a shipbuilder and leading offshore facilities contractor received a letter of award for a $1.3 billion (USD) order for a floating production unit (FPU) and a $700 million order for a tension leg platform (TLP) from Total E&P Congo on March 26. Hyundai Heavy will carry out engineering, procurement, supply, construction and commissioning for the two offshore facilities to be deployed in Moho Nord field, 80 km off Republic of the Congo’s coast. The 14…
New CEO, Co-CEO to Lead MHI Vestas Offshore Wind
Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years. Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore…
Korean Shipbuilders May Fail to Achieve Targets
South Korea's big three shipbuilders - Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. - may miss this year's order targets as a global economic slump and lower oil prices sharply reduce shipbuilding demand, reports Yonhap. The country's big three racked up a combined US$26.1 billion worth of orders through November, a little more than half of this year's order target of $47 billion, according to industry sources. By company, Hyundai Heavy clinched orders worth $11.6 billion in the first 11 months of the year.
Bahri Dry Bulk Secures Newbuild Finance
Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million (USD 96mln) from Bank Albilad, one of the fast-growing banks in Saudi Arabia. The fund is to finance the purchase of four new bulk carriers as part of an agreement signed by the company in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding company based in South Korea.
Hyundai Heavy Sets 2018 Sales Target $7.5 billion
South Korea's leading shipbuilder Hyundai Heavy Industries (HHI) aims to achieve 7.98 trillion won ($7.5 billion) in sales this year as its president warned of an unprecedented crisis due to declining order backlogs, reports Yonhap. Hyundai Heavy has not won any offshore plant orders for the past two years. The company's 2018 sales target represents a 60 percent decline from a decade ago. The shipyard said it is expected to post an estimated 10.03 trillion won in sales for 2017. The sales target is based on a parent base.
Offshore Shipbuilding Demand Prompts HHI Design Expansion
Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap News Agency. Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap. Growing demands for high-end ships such as drill ships and offshore plants prodded Hyundai Heavy to set up the new company, the shipbuilder informed Yonhap. Mipo Engineering will be incorporated into Hyundai E&T, which will be financed by Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. Hyundai Heavy plans to increase the number of ship designers to 1,600 by 2018 from the current 350, and the number of employees in the ship inspection sector to about 400.
Hyundai Heavy Names First Newbuild LNG FSRU
Hyundai Heavy Industries Co., Ltd. (HHI) held a naming ceremony for the world’s first newbuilding LNG floating storage regasification unit (LNG FSRU), ordered from Höegh LNG in June 2011. The 170,000 cbm LNG FSRU, measuring 294 meters in length, 46 meters in width and 26 meters in depth with the storage capacity of 70,000 metric tons of chilled natural gas, will be chartered to Lithuania’s Klaipedos Nafta under a long-term contract. The naming ceremony of the LNG FSRU, Independence held in Ulsan…
World's Largest Shipyard Expects 54% Order Boost in '11
Hyundai Heavy Industries, the world’s largest shipyard, expects to boost orders 54 percent in 2011, driven by new ship and offshore demand, according to a recent report on Bloomberg. The news agency, citing a regulatory filing by HHI, reports that new contracts may total $26.6b, the highest since 2008. Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy, is reportedly targeting $3.3 billion of orders next year and sales of 4.2 trillion won, it said in a filing.
Scorpio Bulkers Continue Newbuilding Spending Spree
Scorpio Bulkers inc. announce newbuilding agreements for 3 Capesize dry bulk vessels for an aggregate of US$162-million from the South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME). The three Capesize dry bulk carriers of 180,000 dwt each are to be built at DSME's subsidiary facility Daewoo Mangalia Heavy Industries S.A. in Romania. All these 180,000 dwt ships are to be built in Romania and are of the same specification with the first two to be delivered in Q4, 2014 and the remaining vessel later in Q1, 2016. About Scorpio Bulkers Inc. Scorpio Bulkers Inc.
AAPA Pushes for $66 bln for Port Upgrades
The American Association of Port Authorities (AAPA) has identified $66 billion in potential federal waterside and landside investments over the next decade that will help assure the benefits from an anticipated $155 billion in port-related capital infrastructure investments. AAPA Chairman-Elect William Friedman provided examples of waterside infrastructure needs, and offered recommendations for water resources legislation to enhance the U.S. Army Corps of Engineers navigation program during a senate committee.
Kawasaki, Island Offshore Drop Shipbuilding Contract
Kawasaki Heavy Industries (KHI) has decided to terminate, by agreement with Island Navigator In KS, its shipbuilding contract for the top hole drilling/light well intervention vessel, Island Navigator. The yard state that is has been facing difficulties in its engineering process as well as with increases of material costs since the contract was signed. Combined with a common understanding that the environment surrounding the offshore development industry is, and will be, severe and unpredictable in the period of the Vessel’s remaining construction…