Marine Link
Thursday, April 26, 2018

Hyundai News

Korean Shipyard Delivers Container Ship ‘Hanjin Argentina’

Hanjin Argentina: Photo credit Navgathi Marine

The 3600 TEU container ship, built under the supervision of Navgathi Marine by Hyundai Sambo delivered to Pacific International Lines. Hanjin Argentina is the third of a series of four such vessels ordered by Pacific International Lines of Singapore from the S. Korea shipbuilders. Navgathi Marine is providing the new building supervision services to eight PIL vessels under construction at Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard of South Korea and a site team of Navgathi's is there to manage these projects.

$252m Finance for LNG-Powered Tankers

Gary Walsh is a partner in the firm’s Asset Finance Group. Photo WFW

Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.

Bahri Adds New VLCC Khurais

Photo: Bahri

National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Khurais, a very large crude carrier (VLCC), from Korean Hyundai Samho Heavy Industries (HSHI). Industry leader adds fourth VLCC this year, bringing its total number of vessels to 92,further enhancing its market-leading capabilities in crude oil transportation. The new addition is the fourth of five VLCCs to be received this year from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company.

Euronav Secures Loan for Four Ice-class Suezmaxes

Courtesy Euronav

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank…

Hyundai Merchant Marine in Aggressive Expansion in India

C.K. Yoo (third person from the right), with India’s VVIP customers during its invitational event. Photo: Hyundai Merchant Marine

With India’s high economic growth and the improvement of container market, Hyundai Merchant Marine (HMM) has been aggressively expanding its sales activities within the region. HMM currently operates seven services and ten vessels between Asia-India, and its export volume from India last year increased almost 70% year-over-year. With the continuous growth of Indian market, HMM – as Korea’s first shipping carrier – has established India’s local subsidiary company in 2005 and has elevated its status as a ‘subsidiary’ to ‘Headquarter’ last September.

Singapore Awards Another $1.1 Bln for Mega-port Project

© ake1150 / Adobe Stock

Hyundai Asan Bails Out its Sister Firm

South Korea's Hyundai Asan Co, a unit of the Hyundai Group, said on Monday it would take over the group's loss-making tours to North Korea from its sister firm Hyundai Merchant Marine. "Hyundai Merchant Marine would not participate in our North Korean tour project in the future as the company had been under pressure from its creditors to pull out of it," a Hyundai official said. The official said Hyundai Asan could lease cruising ships from Hyundai Merchant Marine or pay the cruise operator for its ferry runs to North Korea's scenic Mt. Kumgang region. Hyundai Engineering's board approved on Monday morning Shim Hyun-young, president of Hyundai Engineering Plastic, as new president of the nation's largest builder.

Hyundai Merchant Marine Share Sale Helps Avert Bankruptcy

South Korea's Hyundai Engineering & Construction sold $33.47 million worth of shares in Hyundai Merchant Marine on Wednesday as part of efforts to raise capital to avert bankruptcy. Hyundai Engineering, parent of Hyundai Group, barely avoided insolvency on Tuesday after creditors agreed to roll over 30 billion won in maturing debts. The builder sold 15.6 million common shares in Hyundai Merchant to Hyundai Elevator , investor relations official Kim Sung-kook said. The Hyundai Merchant shares were sold at 2,430 won their closing level on Wednesday. They closed up almost 11 percent on Thursday, while Hyundai Engineering shares surged almost 15 percent to close at 1,350. Hyundai Engineering's stake in the shipping company fell to 8.69 percent from 23.86 percent.

Hyundai Merchant Marine Sells Off Two Million Shares

Hyundai Merchant Marine, South Korea's largest shipping firm, said on Friday it had sold about two million shares in Hyundai Heavy Industries to raise operating funds and repay debts. "We sold about two million shares in Hyundai Heavy in the market," said a company spokesman. He did not say at what price the shares were sold. The shipping firm would have received 62 billion won ($47.6 million) from the sale, based on Hyundai Heavy's closing price of 31,000 won on Friday. Hyundai Merchant Marine shares finished up 0.3 percent at 3,000 won. After the stock sale, Hyundai Merchant Marine would become the second largest shareholder in the shipbuilder with its stake dropping to 9.8 percent from 12.4 percent earlier.

Hyundai Heavy Reports 1Q Loss

South Korea's Hyundai Heavy Industries, the largest shipbuilder in the world, reported a first-quarter loss on Friday after it was hit by losses at sister firm Hyundai Petrochemical. But Hyundai Heavy said it would chalk up large profits by the end of the year, as a flood of backlogged orders would keep the yard busy for the next two and a half years. Hyundai Heavy said it incurred a 81.9 billion won ($62.92 million) net loss during the January-March period, compared to a net profit of 42.7 billion won a year earlier. The company said its EBIT (earnings before interest and taxes), or operating profit, during the first quarter of this year rose to 187.6 billion won, up 9.5 percent from the same period last year.

HHIG to Post Record Sales

Hyundai Heavy Industries Group (HHIG), which consists of Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries expects to surpass its yearly sales target up 24 percent from a year earlier. As of the end of October, HHIG secured $28.8 billion worth of contracts from shipbuilding to plant businesses _ $16.2 billion by Hyundai Heavy Industries, $5.8 billion by Hyundai Mipo Dockyard and $6.8 billion by Hyundai Samho. Hyundai Heavy Industries’ net profit in the third quarter rose 106 percent from a year ago to 434.7 billion won. Industry analysts say worries over excessive supply, the rapid growth of Chinese shipbuilders and soaring oil prices still remain as risk factors impeding the expansionary plans of South Korean shipbuilders…

Hyundai Glovis Bags $1.3bln Contract

Photo: Hyundai Glovis

Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles, said a report in RTT News. The auto freight unit of South Korea's Hyundai Motor Group quoted as saying that the orders are to ship vehicles built by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. The report said that, under the two separate deals, Hyundai Glovis said it is set to ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019.

Tribon Signs Agreement With Hyundai

The Hyundai Corporation, the largest general trading company in Korea and independent company within the Hyundai group of companies, and Tribon Solutions recently signed a co-operation agreement whereby the Hyundai Corporation will support the marketing activities of tribon.com on the Korean market. The Hyundai Corporation is focusing on business to business trading, making strategic alliances with domestic and overseas companies following its "Hyundai Corporation Internet Business Master Plan" launched in year 2000. Hyundai Corporation intends to fully explore the possibilities of the Internet transforming itself into a "Global Network Digital Enterprise". tribon.com provides a neutral Internet service for the shipbuilding industry that centers around a database.

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 Develops FLNG Model

Hyundai FLNG Model

Hyundai Heavy Industries, the world’s biggest shipbuilder and offshore facilities contractor announced today that the Company completed developing its own Hyundai FLNG (Floating Liquefied Natural Gas Plant) model in association with Linde AG, an international industrial gases and engineering company of Germany. The Hyundai FLNG has an annual production capacity of 2.5 million tons of LNG and can store about 193,800 m3 LNG with its compact size of 355 m in length, 70 m width and 35 m in height.

Maersk, Hyundai Merchant Marine alliance talks in doubt

Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted Hyundai Merchant Marine and its creditors in May so any breakdown in talks could raise serious questions about the future of South Korea's largest shipping firm. Maersk Line, part of A.P. Moller-Maersk, said it was still in talks with Hyundai Merchant Marine but they were no longer about it becoming an operating partner in the alliance.

Hyundai Heavy To Cut Debt Ratio

South Korea's Hyundai Heavy Industries Co. plans to cut its debt-to-equity ratio to 140 percent by the end of the year by selling shareholdings in its affiliates, according to company officials. The company has so far booked more than $116 million in profit from selling some $220 million worth of securities in Hyundai Securities, Hyundai Motor and Hyundai Electronics Industries.

Hyundai Merchant Marine sheds Asset to Cut Debt

South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday. Hyundai Merchant Marine will sell its entire 22.4 percent stake in the stock brokerage to the special purpose company, HMM said in a separate regulatory filing earlier on Friday. The sale is part of parent Hyundai Group's attempts to sell assets to cut debt, first announced in 2013. Reporting by Joyce Lee

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…

HMM to Order 20 Mega Containerships

(File photo: Hyundai Merchant Marine)

South Korea’s largest shipping line Hyundai Merchant Marine (HMM) announced it will order 20 new containerships, including eight 14,000 TEU vessels and 12 ships above 20,000 TEU. The announcement comes less than a week after the South Korean government unveiled its Five-year Plan for Rebuilding Korean Shipping. HMM said it has sent a request for proposal (RFP) to eligible shipbuilders. Once a builder is selected, HMM will decide between scrubbers or liquefied natural gas (LNG) bunkering in order to comply with the environmental regulations due to enter force in 2020.

Hyundai, Transas Team to Develop IBS

The Electro Electric Systems Division of Hyundai Heavy Industries Co. Ltd, the major global shipbuilder, has chosen Transas as a cooperation partner for the joint development of the new Hyundai – Transas intelligent bridge system (HTIBS). According to the agreement, the new advanced HTIBS to be presented to the international commercial marine market will incorporate hardware and software elements from both manufacturers. These will include the Hyundai Advanced Control and Integration System (ACONIS)…

Maersk May Swallow Hyundai Merchant

File Photo: Hyundai Merchant Marine Co

Business Korea reports that rumours are now rife in the container business world that Maersk could swoop on Hyundai Merchant Marine and subsume its activities into their own business. Even though it is still a prediction, if the prediction becomes a reality, it is highly likely that the sell-off of Hyundai Merchant Marine will receive strong backlash with a mounting criticism that the government sold a major national flag carrier for a giveaway price. According to the shipping industry and creditors…

Hyundai Merchant Heading for Bankruptcy ?

Photo: Hyundai Merchant Marine

A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM) after the company's bondholders rejected the company's proposed debt rescheduling plan, says Alphaliner. "The potential bankruptcy of the financially troubled South Korean carrier would be the largest-ever in container shipping.

Maritime Reporter Magazine Cover Apr 2018 - Offshore Energy Annual

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.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News