Hhi Group News

20 Nov 2019

HHI Power System Maximzes Ship Efficiency

Hyundai Heavy Industries (HHI) Group is to maximize the ship efficiency for Very Large Container Ships (VLCSs) with its latest technology to simplify the power system.HHI and Korea Shipbuilding & Offshore Engineering (KSOE) announced that Norwegian-German classification society DNV-GL recently awarded an Approval in Principle (AIP) for the South Korean shipbuilder’s multi-grid design of the power system for 15,000-TEU container ships.The key feature of this latest design is the…

14 Nov 2019

Hyundai Seeks EU's Ok to Acquire Daewoo

Image: Hyundai Heavy Industries

South Korea’s leading shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has submitted an application to the European Union for approval for its takeover of the compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).According a Yonhap report,  HHI informed that the submission will be reviewed by anti-trust authorities at the European Commission, expecting the results of their call in 2020.Hyundai Heavy has been taking prerequisite steps since April to apply for the EU’s mergers and acquisitions approval.In March…

04 Nov 2019

HHI Adds $1.2Bln to Coffer Selling Stake in Refining Unit

Pic: Hyundai Heavy Industries

South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group said that its holding company HHI Holdings Co will receive 1.4 trillion won ($1.24 billion) in proceeds next month from the sale of a stake in its refining unit, Hyundai Oilbank.In April, state-owned Saudi Aramco had agreed to buy a 17 percent stake in HHIs oil processing operations.Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco…

01 Oct 2019

HHI Showcases New LNG Cargo Tank System

Image: Hyundai Heavy Industries (HHI)

Hyundai Heavy Industries (HHI) has  received a General Approval from LR (Lloyd's Register) for the company's own-design LNG cargo tank, known as HiMEX.A General Approval is a higher level of approval issued by LR than an AiP (Approval in Principle). Based on this latest approval granted, HHI plans to complete a full-fledged demonstration process of HiMEX by 2020.HiMEX, HHI’s next-generation design solution for membrane-type LNG cargo tanks with full secondary barriers, features HHI-developed corrugation shape design…

26 Sep 2019

HHI Bags Order for 2 Crude Carriers

Image: Hyundai Heavy Industries

South Korea shipbuilding giant Hyundai Heavy Industries (HHI) group said that its unit Hyundai Samho Heavy Industries has won a deal to build two crude carriers.The shipbuilding deal worth KRW 158.7 billion (about USD 132.8 million) was signed with an undisclosed company from Oceania on September 23, 2019, HSHI said in a stock exchange filing.According to Yonhap, Hyundai Samho will build two 158,000-deadweight-ton (DWT) crude carriers by May 2021 for the unidentified Oceanian customer.Hyundai Samho…

18 Sep 2019

ABS and HHI Group Join Forces on D&D

Photo: ABS

ABS, Hyundai Heavy Industries (HHI) and Hyundai Global Service (HGS) have agreed on a framework for the exchange of Digitalization and Decarbonization (D&D) concepts to apply to present and future designs. This new framework will be an industry first D&D ecosystem between class, shipyard and ship service company.Launched at a ceremony during Gastech, the new framework enables HHI, HGS and ABS to support alternative means of compliance with new remote survey capabilities using the newly commissioned ABS Remote Decision Support Center, supported by HHI and HGS’ technology and services.

16 Jul 2019

Hyundai Global Service, Intellian Partner

Intellian and HGS sign partnership (Photo: Hyundai Global Service)

Intellian signed a strategic partnership  with Hyundai Global Service (HGS), a subsidiary of the shipbuilding company Hyundai Heavy Industries (HHI) group, on July 15 at Centum Science Park in Busan, Korea.As the first step of the cooperation, both companies will expand HGS’ innovative ‘Integrated Smart Ship (ISS)’ solution; a digital ecosystem for vessel and fleet management, incorporating a  data analysis platform. This solution supports optimal vessel operation and management and is expected to reduce fuel costs by over 6% per year.

02 Jul 2019

Hyundai Seeks Approval For DSME Merger

Image: Hyundai Heavy Industries (HHI)

South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering Co. (DSME).HHI has submitted a request for the formal approval from the South Korea’s Fair Trade Commission (FTC), as well as from antitrust authorities in Japan, China, Kazakhstan and the European Union.According to Yonhap New Agency the shipbuilding major would submit further requests for approval to other countries.Meanwhile…

08 Mar 2019

HHI Group Inks Deal to Acquire DSME

(Photo: DSME)

Hyundai Heavy Industries (HHI) Group and Korea Development Bank (KDB) signed on Friday a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME), in the presence of Kwon Oh-gap, Vice Chairman & CEO of HHI Holdings; Ka Sam-hyun, President & CEO of HHI; and Lee Dong-gull, Chairman & CEO of KDB.Under this definitive agreement that builds on the heads of agreement signed between HHI and KDB on January 31, 2019, KDB will make a contribution-in-kind to Korea Shipbuilding & Offshore Engineering (KSOE…

19 Sep 2018

LR Grants AiP for LPG-fueled Gas Carrier

David Barrow, LR Commercial Director – Marine & Offshore presenting the AiP to Kisun Chung, Deputy COO in Group Ship/Offshore Marketing of HHI and CEO in Hyundai Global Service at Gastech (Photo: LR)

South Korean shipbuilder Hyundai Heavy Industries (HHI) has received Approval in Principle (AiP) from Lloyd's Register (LR) for a very large gas carrier (VLGC) design capable of using liquefied petroleum gas (LPG) as fuel.LPG presents advantages over marine diesel oil (MDO) and heavy fuel oil (HFO) when a VLGC is able to utilize the LPG cargo on board as a fuel. However, safety issues need to be thoroughly examined particularly in relation to potential leaks of LPG in a confined space and the implications for ventilation.

03 Mar 2018

WinGD, HHI Partner for Digital Techn

HHI’s ISS helps ship’s efficient operation by using ICT and big data  Photo courtesy WinGD

Winterthur Gas & Diesel (WinGD) and Hyundai Heavy Industries (HHI) Group recently signed, the first agreement of its kind to integrate their advanced digital technologies to provide greater insight and benefit to ship owners from their engine and ship data. This collaboration will provide shipping companies with extensive digital knowledge allowing them to reduce the ship’s operational cost while providing insight on how to operate the ship and its engine more efficiently. Through their combined expertise HHI and WinGD will be able to offer enhanced customer understanding and support…

10 Jan 2018

Bahri Dry Bulk Secures Newbuild Finance

New vessels being built by Hyundai Mipo Dockyard will be used to cater to the growing demand for the import of essential grains into Saudi Arabia. Photo: Bahri Dry Bulk

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.

26 Dec 2017

HHI Group to List Oilbank

File Image (CREDIT: AdobeStock / (c) Burnel11)

IPO seen improving group's financial soundness, transparency; Group sees shipbuilding recovery starting 2019. South Korea's Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about $1.2 billion via a share issue by shipbuilder Hyundai Heavy Industries, in a move to bolster its finances. Hyundai Heavy Industries, the flagship company of South Korea's ninth-largest conglomerate, said on Tuesday that Hyundai Robotics, the group's holding company…

14 Dec 2017

Hyundai Heavy, LR Eye LNG-fueled Future

Photo: HHI

Hyundai Heavy Industry (HHI) Group, with the support of Lloyd's Register (LR), is responding to the increasing  interest in the development of the global supply of liquefied natural gas (LNG), following the introduction of the International Maritime Organization’s (IMO) NOx and SOx emission limitations, by being at the forefront of developing innovative ship designs. This month Hyundai Mipo Dockyard (HMD), part of the HHI Group, will deliver of the world’s largest LNG-fuelled ship, a 50,000 dwt bulk carrier with a high manganese LNG fuel tank.

24 Oct 2017

Hyundai Heavy Signed $400 Million Order to Build 5 VLOCs

Photo: Hyundai Heavy Industries

South Korea’s Hyundai Heavy Industries (HHI) has clinched a deal worth approximately US$400 million to build five very large ore carriers(VLOCs) from Seoul-based shipper Polaris Shipping. "HHI has signed a $400 Million worth contract to build five 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping. It is the option exercised following the contract of ten same class VLOCs with Polaris Shipping on September 25," said a company statement. HHI Group’s shipbuilding affiliates have so far this year won new orders of 110 ships worth $ 6.7 billion, 90% of the $ 7.5 billion annual target.

18 Oct 2017

Bahri Reinforces Americas Commitment

(Photo: Bahri)

Reinforcing its three-decade-long presence in North America, transportation and logistics firm Bahri took part in Breakbulk Americas, being held from October 17-19, in Houston. The Bahri booth at Breakbulk Americas was opened by Mr. Sultan bin Abdullah Al-Angari, Consul General of Saudi Arabia in Houston, during a ribbon-cutting ceremony on the first day of the annual event in the presence of Amal Al-Ruwaii, Director for Trade and Investment, Embassy of the Kingdom of Saudi Arabia in United States of America…

26 Sep 2017

Polaris Orders 10 ‘Green’ VLOCs at Hyundai Heavy

At the signing ceremony, Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI is shaking hands with Kim Wan-jung, CEO of Polaris Shipping. Photo: Hyundai Heavy Industries

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that it signed a $800 Million worth contract to build ten 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping, the domestic dry bulk owner and operator, on September 25. The contract is the largest single order in the last five years since HHI received an order of ten large-sized containerships from a Greek shipping company in 2012. The signing ceremony held at HHI’s Seoul office, was attended by Ka Sam-hyun…

27 Aug 2017

Bahri to Build 4 Bulk Carriers for USD 120mln at Hyundai Heavy

Photo: National Shipping Company of Saudi Arabia (Bahri)

The National Shipping Company of Saudi Arabia (Bahri) announces that its subsidiary Bahri Dry Bulk Company (owned 60% by Bahri) (BDB) has signed contracts with Hyundai Heavy Industries (HHI) to build 4 bulk carriers. These carriers will be delivered during the first half of 2020. The financial impact of these contracts will appear after the delivery of the vessels. These vessels are designed to the latest international technical specifications and are fitted with environmentally-friendly specifications and high efficiency in fuel consumption…

01 Jun 2017

HHI Reports Surge in Shipbuilding Orders

Photo: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group said it has won 62 new ship orders worth $3.8 billion for January-May period this year, a 500 percent increase for the comparable period last year when it received 12 ship orders worth $1 billion. In May alone, HHI Group netted 20 ships worth $1.3 billion, and the total number and value of ships HHI Group won in May can be increased to 29 ships and $1.9 billion if all the options the group has are to be exercised. The total number of ships HHI Group won by the end of May…

09 May 2017

Bahri, Hyundai Heavy Pact for Big Data Initiatives

Bahri and HHI signed an MoU at Bahri headquarters in Riyadh to strengthen existing relationship and spur Big Data innovation. Photo: Bahri

The National Shipping Company of Saudi Arabia (Bahri)  has signed a Memorandum of Understanding (MoU) with Hyundai Heavy Industries (HHI) Group to harness Big Data and technological innovation in the maritime industry. HHI Group is the world’s largest shipbuilding group with extensive experience in ship construction and shipyard management. The two parties signed a Memorandum of Understanding (MoU) that lays out a comprehensive business cooperation framework to jointly evaluate the feasibility of launching new long-term projects…

28 Apr 2017

Hyundai Heavy Sails Back to Profit in Q1

Photo: Hyundai Heavy Industries

Hyundai Heavy Industries (HHI) has posted a net profit of KRW462.3bn ($409.6m) for the first quarter of 2017, making it the fifth consecutive quarterly profit for the group. This represents a surge of 90% from the previous corresponding quarter. However, sales fell 1.9 percent to 10.76 trillion won. HHI mainly attributes the whooping quarterly operating profit increase to 127.1 billion won operating profits from HHI’s Shipbuilding Division which is 251% up from the first three months last year.

27 Apr 2017

Hyundai Heavy's New Orders Tallied at USD 2.3 bln

Photo: Hyundai Heavy Industries

Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding group, announced today that it won 39 ships worth $2.3 billion for January – April period, which is the largest ship orders for the comparable period in three years. HHI Group won 18 ships worth $900 million in April alone. Since the orders include options exercisable by owners to order additional same or similar class vessels, the total orders in April will amount to 31 ships worth $1.5 billion. Considering…

20 Mar 2017

First LNG-fueled Aframax Tankers Ordered

Image: Hyundai Heavy Industries Group

Hyundai Heavy Industries’ shipbuilding affiliate Hyundai Samho Heavy Industries (HSHI) said it recently won a $240 million order to build four 114,000 DWT Ice-Class IA aframax tankers from Sovcomflot, the Russia’s state-owned shipping company. The vessels are said to be the world’s first LNG-fueled aframax tankers, and will measure 250 meters in length, 44 meters in width and 21 meters in height. They are scheduled to be delivered from the third quarter of 2018 and to be chartered to Shell.

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