Hyundai News

13 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 Nov 2019

OET Gets Loan for Two Suezmax Newbuilds

Image: Okeanis Eco Tankers

Greece-based shipping company Okeanis Eco Tankers (OET) said it  has secured funding to finance the pre-delivery of two new ECO scrubber-fitted Suezmax tankers.The Greek tanker owner and operator said that it has secured commitment to a USD 45.9 million secured loan facility from Alpha Bank A.E. to finance 88.95% of the total pre-delivery yard installments for the vessel pair.The two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers are under construction at Hyundai Samho Heavy Industries and set for delivery in August 2020.The loan facility is available immediately…

29 Oct 2019

HHI Q3 Profit Down 38.3%

Image: Hyundai Heavy Industries

South Korea’s Hyundai Heavy Industries Group said that its its consolidated operating income shrink 38.3%  to 219.6 billion won ($187.7 million)  in the July-September quarter against a year-ago period.Its net profit plunged 72% on year amid weak demand for ships and oil rigs.The business ranging from shipbuilding to oil refining took a hit from a slowdown in global economy, HHI said.The group, however, managed to show improvement in the bottom-line against the previous quarter.

25 Oct 2019

TMC to Equip Cardiff Gas LNG Newbuilds

Pic: TMC Compressors of the Seas

Norwegean compressor supplier TMC Compressors of the Seas (TMC) has been awarded a contract to supply a complete marine compressed air system and associated equipment to four of TMS Cardiff Gas’ LNG carriers currently under construction.The four LNG carriers are being built at Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) in South Korea.TMC’s scope of supply is to provide 2 x control air compressors, 1 x service air compressor, , and 2 x N2 (nitrogen) feed air compressors for each of the four vessels.

17 Oct 2019

DNV GL Awards HHI AIPs for New FPSOs

The AiP presentation at HHI (left to right): SH Shin, Key Account Manager, DNV GL - Maritime, JS Park, COO, HHI, Vidar Dolonen, Regional Manager, DNV GL - Maritime, SM Lim, Senior Vice President, HHI (image courtesy of HHI). Photo: DNV GL

South Korean shipbuilder Hyundai Heavy Industries (HHI) has obtained DNV GL's approval in principle (AiP) certificates for three models of its “Standard FPSO” design.Vidar Dolonen, Regional Manager of Korea and Japan at DNV GL – Maritime, presented the AiPs to Jun Sung Park, COO of the offshore plant business at HHI.The standard FPSOs are the topside and hull integrated models developed by HHI. The FPSOs include two mid-sized oil FPSOs, with a storage capacity ranging from 1.0MMbbls and 1.5MMbbls…

17 Oct 2019

GTT LNG Carrier Orders at Record Highs

Pic: Gaztransport & Technigaz

Gaztransport & Technigaz (GTT), a company specialised in the design of membrane containment systems for maritime transportation and storage of liquefied gas, said its business activity was marked by a number of successes during the first nine months of 2019, particularly in the field of LNG carriers.In addition to the 26 orders for LNG carriers booked during the first half of the year, there were an additional 14 bookings in the third quarter of 2019, i.e. a total of 40 LNG carrier orders during the first nine months of 2019.GTT's core business activity is…

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

15 Oct 2019

Korean Shippers Jointly Pitch for Qatari LNG Newbuilds

Image: Qatar Petroleum

Five South Korean shipping companies - Korea Line, Pan Ocean, SK Shipping, Hyundai LNG Shipping and H-Line Shipping -  could partner up to secure liquefied natural gas transportation services for Qatar’s LNG production capacity expansion project.Qatar Petroleum is expected to put up shipping contracts for at least 40 LNG carriers by the end of the year for its North Field Expansion project, which aims to increase the nation’s LNG production capacity from 77 million tons to 110 million tons per annum starting in 2024.According to Yonhap, the Qatari state-run company will need an additional 60 L

09 Oct 2019

OET Acquires ECO Suezmax Tanker Pair

Image: Okeanis Eco Tankers

Greek shipping company Okeanis Eco Tankers (OET) intends to exercise an option to acquire two ECO scrubber-fitted Suezmax tankers under construction at South Korean Hyundai Samho Heavy Industries.Okeanis will spend almost $130m to buy the two 158,000 dwt scrubber-fitted vessels from its chief executive Ioannis Alafouzos' private company.As Suezmax values have risen and newbuilding delivery timelines extended into 2021 in the period since its granting, the option is presently well in-the-money and accretive to NAV.In addition…

05 Oct 2019

Methanol-Fueled Chem Tanker Delivered to NYK

Built in South Korea at Hyundai Mipo, Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun. Photo: NYK

Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun, a methanol carrier equipped with two-stroke dual-fuel engine tech that allows the vessel to be powered by methanol. Built in South Korea at Hyundai MIPO Dockyard, the new ship was funded through NYK’s green financing initiative established to support environment-friendly projects.Takaroa Sun was built with the MAN Energy Solutions second-generation B&W ME-LGIM two-stroke dual-fuel engine that runs on both methanol and conventional marine fuel.

02 Oct 2019

HMD Delivers Newbuild Pair to OSG

Image: Overseas Shipholding Group

Florida-based tanker shipping company Overseas Shipholding Group (OSG) has taken delivery of two 50,000 dwt class product and chemical tankers at Hyundai Mipo Dockyard in Ulsan, South Korea.The tankers, named the Overseas Gulf Coast and Overseas Sun Coast, were built to comply with MARPOL Annex VI Regulation 13 Tier III standards regarding nitrogen oxide emissions within emission control areas.In addition, each vessel is fitted with an exhaust gas cleaning system, often referred to as a “scrubber”…

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…

01 Oct 2019

KSOE, DNV GL Sign Low-Carbon Emissions MOU

DNV GL and KSOE have signed an MOU to develop low-carbon fuels. Pictured is the MOU signing ceremony which took place at the Gastech trade fair in Houston, Texas, last month. (Photo: DNV GL / KSOE)

DNV GL and Korea Shipbuilding & Offshore Engineering (KSOE), a sub-holding company of Hyundai Heavy Industries’ shipbuilding and offshore business, have signed a memorandum of understanding (MOU) to cooperate on the development of low- and zero-carbon ship technology. The signing took place at the recent Gastech trade fair in Houston, Texa, US and was attended by Ki-Sun Chung, Senior Executive Vice President, and Won-Ho Joo, Director of the Advanced Research Center from KSOE, as well as Conn Fagan…

29 Sep 2019

Hafnia Buys 2 Tankers from Gestion Maritime

Image: Hafnia

BW Group-owned product tanker owner and operator Hafnia has acquired two 2015-built medium range product tankers from Gestion Maritime.The acquired vessels are the StenaWeco Andrea Corrado and StenaWeco Caterina Corrado, which were built by Hyundai Mipo Dockyard. Hafnia said the duo is expected to be delivered by October/November 2019.Meanwhile, Hafnia recently entered into an agreement to sell Hafnia Atlantic, a 2004-built Liberia-flagged Medium Range product tanker.The sale is in line with the company’s broader fleet renewal strategy.

27 Sep 2019

HMM, DSME Join Forces for Smart-ship Tech

Image: HMM

South Korea’s container shipping giant Hyundai Merchant Marine (HMM) and compatriot shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) have joined forces on the research, development and innovation in the field of smart ship technologies.Under a Memorandum of Understanding, the parties would conduct research on real-time service system based on IoT (Internet of Things), design on-shore platforms for optimized fleet operation, develop automated warehousing systems for ship materials and development economic navigation solutions.HMM plans to promote the innovation of smart ship techno

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…

24 Sep 2019

MISC, NYK and Mitsubishi Partner for the LNG Canada Project

Logo: MISC

MISC Berhad (MISC) through its subsidiary have signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to co-own two newbuild LNG vessels mainly for the LNG Canada project.Both LNG carriers have a capacity of 174,000 cubic meters (cbm) and are currently being built by Hyundai Samho Heavy Industries (HSHI). These vessels will feature state-of-the-art technologies including modern XDF propulsion and partial re-liquefaction facility for higher efficiencies…

20 Sep 2019

US Fines HHI $47Mln Over Dirty Engines

Pic: Hyundai Heavy Industries

US authorities announced that South Korea's top shipbuilding conglomerate Hyundai Heavy Industries (HHI) will pay a US$47 million fine for illegally importing and selling dirty diesel engines in violation of American environmental rules.US Justice Department and and the U.S. Environmental Protection Agency (EPA) said that between 2012 and 2015, the company imported nearly 2,300 diesel-powered heavy construction vehicles with engines that did not meet US emissions standards.“Hyundai put profits above the public’s health and the requirements of the law…

20 Sep 2019

Korean H-Line Sign LNG Carrier TC with Vitol

Image: Vitol

Dutch energy and commodities group Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier.The commodity trader said that the 174,000m3 vessel with XDF propulsion is to be built at Korea’s Hyundai Samho Heavy Industries (HSHI) and is due for delivery in late 2021.Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-line.Pablo Galante Escobar…

18 Sep 2019

IMI Shipyard Inks VLCC Order with HHI

IMI & Bahri L-R: Mr. Fathi K. Al-Saleem, Chief Executive Officer, IMI Eng. Abdullah Aldubaikhi, Chief Executive Officer, Bahri. Photo: IMI

Saudi Arabia’s International Maritime Industries (IMI) has signed a vessel purchase agreement (VPA) with the National Shipping Company of Saudi Arabia (Bahri) and a subsequent sub-contract agreement with South Korean shipbuilder Hyundai Heavy Industries (HHI) to build one very large crude carrier (VLCC).Hyundai Heavy will transfer architectural designs and related technological know-how for the building of very large crude carriers (VLCCs) to IMI. It will build one 319,000 DWT…

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.

17 Sep 2019

GTT Scores VLEC Order from HHI & SHI

Pic: GTT

French liquefied natural gas containment system specialist Gaztransport & Technigaz (GTT) has received an order notification for the tank design of six very large ethane carriers (VLEC).According to the engineering company its membrane technology has been chosen for the tank design which will be built by the Korean shipyards Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) on behalf of Chinese based Zhejiang Satellite Petrochemical.The delivery of the vessels…

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

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