Hyundai Mipo Dockyard Licensed by GTT
GTT has signed a Technical Assistance and License Agreement (TALA) with South Korean shipbuilder Hyundai Mipo Dockyard (HMD) targeting the outfitting of gas carriers, in particular small and middle scale (up to 50,000 m3) and liquefied natural gas (LNG) fuel tanks for merchant ships.Hyundai Mipo obtained its license after completing a qualification process that began in April 2018, including the construction of a Mark III Flex mockup and an audit lead by GTT.The shipyard is now the third among the Hyundai group to be licensed by GTT. The two other construction sites, Hyundai Heavy Industries and Hyundai Samho Heavy Industries, have been…
HMM May Hire Foreign CEO for Revival
Hyundai Merchant Marine (HMM) will start the process to appoint a new chief executive officer (CEO) when Hyundai Group loses control on Aug. 5, reports Korea Times quoting un-named industry sources. The challenged shipper will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank (KDB). KDB is bent on installing a new leadership at the shipping line and is open to hiring a foreign chief executive. To make a pool of candidates, the creditor reportedly appointed a number of executive search firms.
Hyundai Merchant Heading for Bankruptcy ?
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.
MacGregor Wins Orders for Pusnes Deck Machinery
MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering, in South Korea. MacGregor's Pusnes deck machinery has been specified for the following ship types: twelve very large crude carriers (VLCC); four Suezmax tankers; six liquefied petroleum gas (LPG) carriers…
South Korean Orders for MacGregor's Pusnes Deck Machinery
MacGregor, part of Cargotec, has secured orders for a series of Pusnes deck machinery packages for various shipowners. The Pusnes equipment has been specified for different ship types that are going to be built by the Hyundai Group and Sungdong Shipbuilding & Marine Engineering, in South Korea. "These orders clearly show the confidence our customers have for MacGregor and our equipment," says Nils Jørgen Walle, Sales Manager for Pusnes deck machinery at MacGregor. MacGregor's Pusnes deck machinery has been specified for the following ship types: twelve very large crude carriers (VLCC)…
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
Stena Polaris Completes Northeast Passage
After 35 days at sea, the Stena Polaris has arrived at the port of Yousu in South Korea. She has sailed via the icy and harsh Northeast Passage along Russia’s northern coast. After arriving at her final destination, the ship was celebrated with representatives of the South Korean government, the corporate management of both Hyundai and the Stena Group and the port authorities attending. The Stena Polaris began her voyage on September 17 in the port of Ust Luga in the Gulf of Finland with a cargo of 44,000 tons of naphtha.
Stena Bulk, Hyundai Begin Arctic Collaboration
Stena Bulk and South Korean Hyundai Glovis, the Hyundai group’s shipping arm, will begin collaborating with a cargo shipped via the North East Passage. The Stena Polaris, a P-MAX tanker with ice class 1A, will leave Ust Luga in the Gulf of Finland on September 15 with a cargo of 37,000 tons of naphtha. The voyage, which will go via the North East Passage, is expected to take 28 days with the tanker arriving in a port in South Korea in mid-October. “We see the voyage with the Stena…
HHI Profits Plummet 68%
Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.
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 Founder Dies
Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family. He earned his first wage as a rice delivery boy. His first step on the road to riches came with his first ventures, a lorry firm and car repair company in the waning days of Japan's 1910-45 occupation of Korea.
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.
TEN Reports 2Q Results
Tsakos Energy Navigation Limited (TEN) has reported unaudited results for the second quarter and first half of 2003. Net revenues for the second quarter of 2003 were $61.5 million, a 122% increase over the $27.8 million generated in the second quarter of 2002. This increase reflected the expansion in the fleet (average number of vessels of 25.4 in 2003 vs. 17.0 in 2002) as well as the strong charter market. Net income for the second quarter of 2003 was a record $18.7 million versus $2.2 million in the second quarter of 2002. Earnings per share were a record $1.08 as compared with $0.13 per share in the like period of 2002. Interest and finance costs were $3.3 million in the second quarter of 2003 compared with $3.8 million in the second three months of 2002…
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.
$67M Containership Order Logged
South Korea's Hyundai Merchant Marine placed a $67 million order for a containership with Heavy Industries. Hyundai Merchant said it had borrowed funds from foreign financial institutions at LIBOR plus one percent for the 5,700 TEU-sized order. The shipping and trading company, a unit of Hyundai Group, said the containership would serve Asia-Europe routes from 2003. It said it would also place more ship orders in the second half of this year, including two 4,700 TEU container ships.- (Reuters)
Hyundai Heavy Foresees Strong Earnings Recovery
Hyundai Heavy Industries, the world's largest shipbuilder, sees a strong earnings recovery after cleaning up the last of its soured investments in sister firms, a company executive said on Thursday. The South Korean company expects to have to write off most of its equity investment in ailing Hynix Semiconductor, formerly Hyundai Electronics, in either 2002 or 2003. "It seems our stake in Hynix has soured," Suh Tae-hwan, a senior vice president in charge of finance affairs, said in an interview with Reuters. Hyundai Heavy built up a 7.01 percent stake in Hynix for 592 billion won. But after the global chip depression that stake is now worth only about 57 billion won ($44.7 million).
Hyundai To Ferry Tourists To North Korea
Hyundai Group will start ferrying foreign tourists to North Korea's fabled Kumgang Mountain starting on Oct. 23, the group announced. "We have issued invitations to about 20 to 30 diplomats, businessmen and other foreigners currently residing in Korea," said Hyundai Group spokesman Yoo Keun-chan. He said they included Jeffrey Jones, the president of the American Chamber of Commerce in Korea. Jones said last week his business group was planning a ground-breaking trip north of the demilitarized zone separating the two Koreas to examine business opportunities, after Washington relaxed long-standing trade sanctions against the communist Pyongyang.
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.