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Saturday, November 17, 2018

Hyundai News

South Korea's SK Group to Sell SK Shipping

Photo: SK Shipping

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…

Workforce Down by 27% at S. Korea’s ‘Big 3’ Shipbuilders

Image: Samsung Heavy Industries

South Korea's Big Three shipbuilders  - Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - have hit record low in workforce.According to a report in Business Korea, the total number of employees in South Korea's Big Three shipbuilders has plunged a whopping 27 percent compared to 2011.The “big three” shipbuilders had 36,757 employees on the payroll last year, down 27.04 percent from 50,377 in 2011.The figure decreased to 35…

Hyundai Merchant Marine Loss Grows in Q3

Image: Hyundai Merchant Marine

South Korea's largest shipping firm by sales Hyundai Merchant Marine (HMM) said that its operating loss in the third quarter increased to 123.1 billion won (US$108.65 million) from 29.5 billion won in the same period last year.According to the company, the net loss widened due to unfavorable market conditions and high fuel costs.According to Yonhap, the net loss reached 166.7 billion won (US$146.7 million) in the July-September period, compared with a net loss of 60.3 billion won during the same period last year."Bunker fuel prices reached $445 per metric ton in the third quarter…

Gagarin Prospect Performs Ship-to-Ship LNG Bunkering

Gagarin Prospect. Pic: PAO Sovcomflot

The large-capacity Aframax tanker "Gagarin Prospect", owned by Russia's SCF Group,  successfully implementated  construction and operation commencement  using LNG as the primary fuel.Konstantin G. Palnikov, Director General of Russian Maritime Register of Shipping, participated in a protocol event dedicated to this project.This pioneered the expansion of LNG fuel into the global shipping industry, for large-capacity ships not tied to fixed routes or set timetables.The specialized LNG bunkering ship Cardissa…

Okeanis Eco Tankers Gets Funds for Two VLCC Newbuilds

Photo: Okeanis Eco Tankers

Alafouzos family backed Greek tanker company Okeanis Eco Tankers has secured firm commitments for two secured loan facilities for an aggregate amount of $116.3 million from Credit Suisse AG and BNP Paribas in respect of the financing of two of its VLCC newbuildings, under construction at Hyundai Heavy Industries.According to a press release from Piraeus-based shipping group, the Facilities each carry an interest rate over Libor of less than 2.5%, a 6-year tenor, a blended average repayment profile of 17.5-years…

Seanergy, Charterers Take the Scrubber Plunge

Seanergy Maritime Holdings Corp. entered into commercial agreements for the installation of exhaust gas cleaning systems on five of its capesize bulk carriers -- M/V Partnership, M/V Lordship, M/V Premiership, M/V Squireship and M/V Championship -- before the January 1, 2020 implementation date of the IMO sulfur emission cap regulations. The company secured the scrubber equipment from Hyundai Materials, a  Korean manufacturer, and and will re-fit the ships in China. The total investment, to be covered by the charterers, is expected to exceed $12.5 million, including equipment and installation costs.“We are very excited to announce these commercial agreements which should result in approximately $12.5 million accretion in our NAV," said Stamatis Tsantanis, Seanergy Maritime Holdings Corp.

Korea's Shipbuilders Rise on Country's Top Ranking for Orders

File Image: AdobeStock / © Burnel1

Shares of South Korean shipbuilding companies jump, boosted by the country's tally of orders in January to October as well as a positive outlook for the sector.outh Korea's volume of orders in Jan-Oct ranked the highest, with the country securing about 45 pct of total orders, according to industry sources citing the lastest data from Clarksons Research.South Korea is expected to remain the top ranked for ship orders this year as it exceeds No. 2 China at 31 pct, according to the report.

Hyundai Samho Heavy Bags LNG Capesize Pair Order from H-Line

Pic: Hyundai Heavy Industries

South Korean midsized shipping company H-Line, owned by local private equity firm Hahn & Co, has ordered two liquefied natural gas (LNG)-powered 180,000 dwt capesizes at Hyundai Samho Heavy Industries (HSHI).A report by Yonhap, quoting the Ministry of Oceans and Fisheries sources, said that the LNG-powered 180,000-ton vessels will be used on a route between South Korea and Australia starting from 2021.According to the Ministry, the bulk carriers will be the first LNG ships in South Korea to sail on a foreign shipping route.Hyundai Heavy Industries Co.…

Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships

(File photo: Hyundai Merchant Marine)

South Korea's largest shipping line Hyundai Merchant Marine (HMM) said it will invest 3.153 trillion won ($2.84 billion) for 20 new large containerships to be delivered by June 2021.In June this year, the company signed letters of intent for ship orders with South Korea's top three shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries.DSME and Samsung will build seven and five 23,000 TEU vessels respectively, which are expected to deliver in the second quarter of 2020.

Hyundai Heavy Industries Gets Cyber Security-Ready Notation from ABS

Image: Hyundai Heavy Industries

Classification society ABS and Hyundai Heavy Industries (HHI) collaborated to develop cyber security requirements for the ABS Cyber Security-Ready (CS-Ready) Notation for marine assets.A release from ABS said that it issued HHI the first-of-its-kind CS-Ready Notation to a large-scale commercial vessel—a VLCC—delivered in November. “As a global leader in marine cyber security, ABS is pleased to work with HHI to ensure the next generation of vessels is better equipped to address increasing levels of cyber risk,” said John Jorgensen, ABS Chief Scientist, Cyber Security.

World’s Largest LNG Bunker Vessel Sails for Delivery

Kairos (Photo: Nauticor)

The world’s largest liquefied natural gas (LNG) bunker supply vessel began its voyage from Hyundai Mipo Dockyard (HMD) in South Korea to the ship’s primary area of operation in Northwest Europe, on Wednesday.The 7,500 m³ capacity Kairos is the world’s largest LNG bunker supply vessel. It will be ready for operations before the end of 2018.Mahinde Abeynaike, CEO of Nauticor, which holds 90 percent of the joint venture that charters the vessel, said, “The arrival of the Kairos in the Baltic Sea will set a milestone for LNG as a ship fuel.

ABS Awards AIP to HHI’s Deepwater FLNG Hull

Newbuilding Conversion FLNG design to deliver significant cost savings. Image: ABS

ABS granted Approval in Principle (AIP) to Hyundai Heavy Industries’ (HHI) Deepwater Floating Liquefied Natural Gas (FLNG) hull design.HHI advises the Newbuilding Conversion FLNG hull design for offshore application can be constructed for about 80 percent less than the cost of a conventional FLNG hull. It is based on LNG carrier designs combined with the requirements for FLNG production, such as structural reinforcements to take topside module load and a hull designed to allow…

Ocean Yield Adds Tankers to its Fleet

Lars Solbakken, Chief Executive Officer. Photo: Ocean Yield

Ocean Yield has agreed to acquire two 2015 built 37,000 dwt IMO II chemical tankers with 12-year bareboat charters to companies owned and guaranteed by Ardmore Shipping Corporation. The aggregate purchase price is approximately USD 51 million net of pre-paid charter-hire.The ship owning company with investments in vessels on long -term charters also announced that it has today taken delivery of the newbuilding suezmax crude tanker Nordic Tellus from Samsung Heavy Industries' shipyard…

FLEX LNG Orders Five LNG Carrier Newbuilds

Flex Endeavour. Pic: FLEX LNG Management AS

Flex LNG, the shipping company controlled by billionaire John Fredriksen, is entering into a transaction for the acquisition of five 5th generation LNG newbuildings comprising three MEGI LNG carriers and two X-DF LNG carriers.According to a release from the shipping company, that owns and operates LNG carriers, and floating storage and regasification units, the MEGI LNG carriers are currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) with…

Star Bulk Carriers Adds MV Star Bright to its Fleet

ER Brighton. Photo © Giorgos Tsampazis/Marinetraffic.com

Athens, Greece-based Star Bulk Carriers Corp took delivery of the first of the three firm dry bulk vessels, the ER Brighton, renamed to Star Bright, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.The global shipping company focusing on the transportation of dry bulk cargoes announced that, the delivery is in pursuant to the previously announced transaction of August 28, 2018. The Vessel was acquired for a combination of cash and shares. Following this delivery…

HHI to Build FPS for LLOG Exploration

Image: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Heavy Industries (HHI) has been awarded a contract to build a floating production system(FPS) for LLOG Exploration of the U.S..HHI, the world's biggest shipbuilder by orders, said in a stock exchange announcement that the offshore facility order is worth $454 million from the Louisiana-based, privately-held LLOG Exploration.The floating production storage and offloading unit would be constructed from August next year after a year-long design for completion and delivery in the first half of 2021.LLOG Exploration Company…

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

© Anatoliy Matronyuk / MarineTraffic.com

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen

ABS Awards AIP to HHI’s Standardized FPSO Topside

Photo: ABS

The global provider of classification and technical advisory services to the marine and offshore industries ABS granted Approval in Principle (AIP) to Hyundai Heavy Industries’ (HHI) Standardized design for a Floating Production Storage and Offloading (FPSO) facility.Initially intended for operations in West Africa, HHI advises its standardized topside design is adaptive to a range of conditions, potentially offering reduced costs and shorter project timelines.“ABS is the world leader in Offshore and in FPSO classification.

Höegh LNG's Höegh Esperanza FSRU Arrives at Tianjing, China

Pic: Höegh LNG

Höegh Esperanza, the Floating Storage Regasification Unit (FSRU) unit operated by Norway’s Höegh LNG Holdings, has arrived at the Tianjin LNG terminal in China and started commissioning for FSRU operations.Höegh Esperanza is currently serving a three-plus-one year FSRU/liquefied natural gas carrier (LNGC) time charter with CNOOC Gas & Power Trading and Marketing, said a press release from the LNG transportation and services provider.Under the contract, Höegh Esperanza will be utilised in FSRU mode for a minimum period each year…

Another Ballast Treatment System Receives USCG Nod

Marine Safety Center issues Ballast Water Management System Type Approval Certificate to Hyundai Heavy Industries Co., Ltd.The Marine Safety Center issued the 11th U.S. Coast Guard Ballast Water Management System Type Approval Certificate to Hyundai Heavy Industries Co., Ltd., after a detailed review of the manufacturer’s type approval application determined the system met the requirements of 46 CFR 162.060.The treatment principle of the HiBallast BWMS consists of filtration with electrolysis during uptake and neutralization during discharge. This approval covers models with maximum treatment rated capacities between 75 m3/h and 10,000…

Hyundai Merchant Marine Mulls Fleet Capacity of 100 million TEUs by 2022

Photo: Hyundai Merchant Marine

The South Korean container carrier Hyundai Merchant Marine (HMM) has chalked out an ambitious blueprint for expansion.The ocean carrier's CEO C.K. Yoo presented HMM’s target of building up its capacity to 100 million TEUs and posting USD 10 billion in annual revenue by 2022, during an employees  gathering at HMM HQ in the Seoul office.HMM recently ordered twelve 23,000 TEU and eight 15,000 TEU eco-friendly mega vessels in preparation for the IMO’s sulfur regulations starting from 2022…

The 2020 Global Sulphur Cap: ABS Aid for Greek Shippers

Pic: ABS

Leading Greek shipping industry stakeholders joined ABS, a global provider of classification and technical advisory services to the marine and offshore industries, for a workshop on drafting 2020 sulfur limit Ship Implementation Plans (SIP).Intended to help shipping companies and crew ready their vessels for compliance with the required sulfur content limit of 0.50% by 1 January 2020, the ABS workshop identified risks associated with design and operations of vessels in relation to the IMO regulation, including a HAZID study.

Babcock Delivers World's Largest LNG Bunker Supply Vessel

Image: Lloyd's Register

Babcock International is celebrating the completion of its ‘first of its kind’ and the world’s largest liquefied natural gas (LNG) bunker supply vessel, M.V. Kairos, as it is delivered to Babcock Schulte Energy (BSE).BSE is a 50:50 joint venture between Babcock and Bernhard Schulte Shipmanagement (BSM)."This achievement follows the success in meeting a series of critical programme milestones after initial ship award in December 2016 and highlights the strength of the relationship between the two organisations…

Maritime Reporter Magazine Cover Nov 2018 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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