Hyundai News

17 Mar 2019

Top Ships Adds Tanker to Fleet

Pic: Top Ships

Top Ships Inc, which owns and operates tanker vessels worldwide, said that it took delivery of the 50,000 dwt newbuilding product/chemical tanker M/T Eco Marina Del Ray.According to the international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, Eco Marina Del Ray is constructed at the Hyundai Mipo shipyard in South Korea.The Greece-based company also said that the vessel is scheduled to commence its five-year charter employment with Cargill on March 18…

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…

06 Mar 2019

Port of Manila Cargo Flow Improves

Pic: Asian Terminals Inc. (ATI)

The Port of Manila decongested its yard space by removing some overstaying containers said a port representative.The collaborative synergy between Asian Terminals Inc. (ATI), port authorities and international shipping lines has yielded positive gains in significantly freeing up yard space and further easing cargo flows at the international gateway port Manila South Harbor.As of March 4, yard utilization at Manila South Harbor has reached optimal levels at 65 percent from high 90s in preceding weeks…

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

Pic: Saipem

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…

25 Feb 2019

EPIK, Hyundai Join for FSRU Projects

Image: EPIK Co. Ltd.

South Korea-based liquefied natural gas (LNG) floating storage and regasification unit (FSRU) project development company EPIK Co. has signed a strategic partnership agreement with Hyundai LNG Shipping, the marine freight transportation services for LNG."The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, but not limited to, EPIK’s recently announced Newcastle LNG FSRU import project at the Port of Newcastle…

21 Feb 2019

HMM CEO to Step Down

Chang Keun Yoo. Photo: HMM

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.

21 Feb 2019

DIS Sells a Tanker

Image: d’Amico International Shipping (DIS)

The international marine transportation company d’Amico International Shipping (DIS) announced that its joint venture (JV) company DM Shipping (DMS)  signed a memorandum of agreement for the sale of its product tanker vessel MT High Strength  for a consideration of USD 16.4 millionThe 46,800 dwt MR tanker is , built in 2009 by Nakai Zosen Corporation, Japan. DMS is a JV with the Mitsubishi Group, in which d’Amico Tankers (Ireland) holds a 51% participation.MT High Strength will continue its current time-charter out contract with d’Amico Tankers until October 2019…

20 Feb 2019

Update: Maersk Honam Heads for Rebuild

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt.  Photo: Maersk

The sound part of the vessel Maersk Honam, which was hit by a serious fire last year, is being transported to Hyundai Heavy Industries Shipyard in South Korea, where it will be rebuilt. The sound section of Maersk Honam was successfully loaded aboard the heavy-lift vessel Xin Guan Hua on open waters outside Dubai (UAE) on Saturday, 2 February. It was expected to pass Singapore Strait on Monday, 18 February 2019. The heavy-lift vessel will deliver the 228.5-metres-long section from midship to stern at Hyundai Heavy Industries Shipyard in South Korea in March…

20 Feb 2019

DSME Workers to Strike Against HHI Takeover

Image: Hyundai Heavy Industries

Workers at South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) voted on February 19 to strike to oppose Hyundai Heavy Industries (HHI)’ proposed takeover.According to labour union, the approval for the proposed strike heralds a bumpy road for a mega deal between HHI and the state-run Korea Development Bank (KDB).The decision to go on strike was supported by a majority of DSME workers in a meeting on February 19, Yonhap reported citing the workers’ 5,600-member union.

12 Feb 2019

SHI Turned Down Offer to Buy DSME

© Roland Bentin / Adobe Stock

Samsung Heavy Industries turned down an offer to take over rival shipbuilder Daewoo Shipbuilding & Marine Engineering, the top shareholder of Daewoo said on Tuesday.State-funded Korea Development Bank (KDB), which holds a 56 percent stake in Daewoo, said it aims to sign a deal to sell the shipbuilder to sole bidder Hyundai Heavy Industries once its board approves it in early March.Hyundai Heavy, the world's biggest shipbuilding group, announced a share swap deal worth 2.1 trillion…

12 Feb 2019

FLNG Market Grows a CAGR of +93%

FLNG: Shell Global

Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions…

13 Feb 2019

LNG Bunker Supply Vessel Christened

Kairos at the pier (Photo: Nauticor)

On February 8, 2019, what is touted as the world’s largest LNG bunker supply vessel Kairos was christened in the port of Hamburg. With a tank capacity of 7,500 m³, Kairos is the world’s largest LNG bunker supply vessel. The ice class vessel has several other unique features, including the ballast-free design and installation of a CNG tank to store vapor return gas from customer vessels. The construction of the vessel started in 2016 and in February 2018, steel cutting took place at Hyundai Mipo Dockyard (HMD) in Ulsan, South Korea, from where the vessel was delivered in October 2018.

11 Feb 2019

Grimaldi: 18 Engines Ordered for 9 Ships

MAN Energy Solutions has won the order to supply 18 × MAN B&W 9S50ME-C9.6 TIER II-compliant main engines for 9 × 7,800 lane-meter RoRo vessels intended for operation in the Mediterranean Sea. The customer is the Grimaldi Group, the Naples, Italy-based shipping company and leading operator within the RoRo segment. MAN Energy Solutions’ two-stroke licensee – Hyundai Heavy Industries Co., Ltd. (Engine & Machinery Business Unit) – will build the engines in Korea, while Jiangsu Jinling Shipyard Co. Ltd. will construct the vessels in Nanjing, China. Delivery of the first vessels is expected from 2020. MAN will also supply 1 × MAN TCA66 turbocharger for each engine.The new RoRos are the first examples of a new series of hybrid vessels…

06 Feb 2019

Green Light to Stena, Hyundai Glovis JV

Pic: Stena Line

The European Commission has approved the creation of a joint venture by Swedish Stena Rederi, part of Stena AB, and German Glovis Europe, which is controlled by South Korean Hyundai Glovis.Earlier, the companies have filed a merger application with the European Commission’s competition authorities for the unnamed joint venture.Created through the purchase of shares, the new unit would mainly operate short-sea transport services on pure car and truck carrier (PCTC) vessels in Europe."The European Commission has approved…

04 Feb 2019

Eco Newbuildings Delivered Simultaneously

Photo: Oldendorff Carriers

In effort to upgrade the fleet, 2019 started with the delivery of five new eco-ships delivered to Oldendorff Carriers, four of which were delivered on the same day. In trying to reduce the environmental impact and these new (fuel-efficient) vessels will reduce fuel consumption for transporting cargo and consequently reduce the carbon footprint.M/V “Jan Oldendorff”, M/V “John Oldendorff”” and M/V “Julius Oldendorff”” were delivered from the building yard Nantong Cosco KHI Ship Engineering Co., Ltd in Nantong, PRC.

31 Jan 2019

World's Largest Shipbuilders in $2 Bln Mega-merger

(Photo: Hyundai Heavy Industries)

Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…

31 Jan 2019

Hyundai Heavy Seeks to Acquire DSME

 Image: Hyundai Heavy Industries

South Korea's "Big Three" shipbuilders may soon become the "Big Two". South Korea’s Hyundai Heavy Industries (HHI) has expressed interest to buy its rival Daewoo Shipbuilding & Marine Engineering (DSME), the local media has reported.The world’s biggest shipbuilder plans to buy a majority stake in in second-ranked rival from the state-run Korea Development Bank (KDB), WSJ reported quoting people directly involved in the matter.The move would consolidate HHI's position as the top South Korean shipbuilder and create a new industry giant.According to the report…

30 Jan 2019

HMM Becomes Co-owner of Pusan New Port

The signing ceremony: (From left to right) Ho Seon Hwang (President of KOBC), Roger Tan Keh Chai (PSA Regional CEO Northeast Asia), Young-Choon Kim (Minister of Oceans & Fisheries of Korea), C.K. Yoo (President & CEO of HMM), and Myungsuk Suh (CEO of Yuanta Securities). Photo: HMM

South Korean carrier  Hyundai Merchant Marine (HMM) announced that it has acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PHPNT) in Busan.Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal at a a ceremony attended by Young-Choon Kim (Minister of Oceans and Fisheries). With the acquisition, HMM regains operational control over the terminal."This sales contract includes that the private equity fund, Yuanta-HPNT will acquire stakes of Waska Inc.

30 Jan 2019

Hyundai Heavy Mulls Stake in rival Daewoo

File Image: AdobeStock / © Nightman

South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank to Saudi Aramco for as much as 1.8 trillion won.State-funded Korea Development Bank (KDB) holds a 55.7 percent stake worth 2.16 trillion won ($1.94 billion) as of Wednesday's closing price in Daewoo."Hyundai Heavy held talks to buy the Daewoo stake," th

29 Jan 2019

Hyundai Merchant Marine Names New VLCC at Daewoo Shipbuilding

Image: Hyundai Merchant Marine

South Korean container line Hyundai Merchant Marine (HMM) has named its new very large crude carrier (VLCC) at the Daewoo Shipbuilding & Marine Engineering (DSME).The 300,000 dwt vessel was named the Universal Leader during the ceremony held at DSME’s Okpo shipyard in Geoje on January 29, 2019.About 100 distinguished guests attended the ceremony including C.K. Yoo (President & CEO of HMM), Ho Seon Hwang (President of Korea Ocean Business Corporation(KOBC)), and Sung Leep Jung (President & CEO of DSME).Additionally, Mrs. Jang Mi No, Mr.

29 Jan 2019

Qatar Mulls Buying 60 New LNG Carriers

Image: Samsung Heavy Industries

Qatar’s energy minister Saad Sherida Al-Kaabi, who also serves as deputy chairman of Qatar Petroleum (QP), outlined plans to order 60 new liquefied natural gas (LNG) carriers.Reuters, quoting a statement issued by South Korea’s presidential office, reported that the energy minister expects cooperation with experienced Korean shipbuilders on constructing the LNG carriers.Qatar is the world’s largest supplier of LNG, with an annual production of 77 million tons. Last year, it announced…

27 Jan 2019

eMARINE Global Wins Warship ECDIS Contract with Hanjin Heavy

Pic: eMARINE Global

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.

24 Jan 2019

WSM to Manage FSRU for Pardus Energy

Pardus Energy's FSRU Turquoise will be fully managed by WSM. Image: Wilhelmsen Ship Management

Wilhelmsen Ship Management (WSM) has entered into a management agreement with Ireland-based Pardus Energy for their new building Floating Storage and Regasification Unit (FSRU).WSM, one of the world’s largest third-party ship manager with a portfolio of more than 450 vessels and 9200 active seafarers, will be providing ship management services for the new FSRU named “Turquoise”.The FSRU is a 170,000 CBM gas processing vessel, built at Hyundai Heavy Industry, South Korea. The FSRU…

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

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