Hyundai Merchant Marine Signs LoI for 20 Vessels
South Korea's Hyundai Merchant Marine (HMM) has selected country’s three major shipbuilder and signed letters of intent (LOIs) with them to build 20 container carriers by mid-2021, reported Yonhap. According to company sources, as quoted by Reuters, the South Korea’s largest shipper believes that through the acquisition of the most technologically advanced mega container ships, it can strengthen cost competitiveness and react rapidly to the international environmental regulations.
'Hyundai Town' Grapples with Slowed Shipyard and Grim Future
When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.
KNOT Concludes TC Contract for Two Shuttle Tankers
Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) has concluded a time-charter contract for two shuttle tankers with Equinor ASA for a maximum 20-year period starting in the second quarter of 2020.KNOT is a NYK Group company, in which NYK has a 50 percent share.The contract aims to use two 152,000 DWT Suezmax tankers equipped with dynamic-positioning systems built by Hyundai Heavy Industries Co. Ltd. to shuttle crude oil produced in waters off Brazil.Upon commencement of this contract…
Hyundai Samho Heavy Bags LNG Capesize Pair Order from H-Line
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.…
GTT Bags Order for Capital Gas Newbuilds
GTT said it received an order from the Korean shipyard Hyundai Heavy Industries (HHI) concerning the tank design of four new liquefied natural gas (LNG) carriers which will be built on behalf of the Greek ship-owner Capital Gas Carriers.GTT's Mark III Flex technology has been selected to equip the LNG tanks of these four 174,000 m3 ships. The delivery of these vessels is scheduled between the end of 2020 and mid-2021.
Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships
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.
DHT Orders Scrubbers for 12 VLCCs
DHT Holdings, Inc. will have exhaust gas cleaning systems, also know as scrubbers, retrofitted on a dozen of its tanker vessels ahead of the IMO Sulphur Cap due to enter force January 1, 2020.The Bermuda headquartered ship owner said it has entered into agreement with manufacturer Alfa Laval to supply the systems and has also secured shipyard capacity to install all systems within 2019.The scrubbers will be installed on very large crude carriers (VLCC) built between 2012 and 2004, “the part of the fleet that stands to achieve the greatest economic benefit,” the ship owner said.“We look at the upcoming IMO Sulphur Cap as an opportunity for DHT rather than a threat. We come well prepared and are very pleased with the timely project we have put in place.
ABS to Class FSRU for Turkey's BOTAS
Classification society ABS said it was selected to class a floating storage and regasification unit (FSRU) for Turkey’s oil and gas pipeline operator BOTAS.“As demand for gas has increased over the last decade, the supply chain has had to adapt and figure out new ways of getting gas to expanding markets,” said Jamie Smith, ABS Senior Vice President and Chief Business Development Officer. “FSRUs, like this one for Turkey, are providing gas distributors and suppliers an efficient and effective solution for getting their product to consumers.”Planned to be built at Korea’s Hyundai Heavy Industries shipyard, the FSRU will have a 170,000 cubic meter storage capacity and a 1,000 MMSCFD LNG discharge capacity. The FSRU will be jetty moored off the coast of Turkey and operated by Mitsui O.S.K.
ABS Awards AIP to HHI’s Deepwater FLNG Hull
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…
Global FPSO Market to Exceed USD 115 bln by 2024.
Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built…
Government Okays USD 1.2 bln for Korea Ocean Business Corporation
The government of South Korea decided to invest 1.35 trillion won (USD 1.2 billion) in Korea Ocean Business Corporation (KOBC). The compnay was created in order to help its shipping industry stand on its feet, especially after the bankruptcy of Hanjin Shipping.Yonhap reported quoting the finance ministry that Cabinet approved a plan to contribute 12.7-percent stakes in each of the country's four port authorities to the KOBC.Earlier this month, the corporation was officially launched in Busan…
Equinor Charters Shuttle Tankers for Roncador Field
Norway's Equinor has entered into time charter contracts with the shipowner Knutsen NYK Offshore Tankers AS (Knutsen) for two newbuild shuttle tankers to transport crude oil from the Roncador oil field in the Campos Basin offshore Brazil.The new vessels will be built at Hyundai Heavy Industries in South Korea and are scheduled to enter operation in 2020.The vessels, which meet all requirements for offshore loading in Brazil, are designed for operations in Brazilian waters and are optimized for intended trading pattern, Equinor said.
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…
HHI to Build FPS for LLOG Exploration
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…
S.Korean Shipbuilders Jump over Rising LNG Tanker Prices
South Korea's shipbuilders jump after an industry report notes rising prices of liquefied natural gas tankers that is set to benefit the country's shipbuilders.Shares of Hyundai Heavy Industries soar 9.2 pct, while those of Daewoo Shipbuilding & Marine Engineering jump 9.7 pct.Samsung Heavy Industries adds 5.7 pct, after it secured a contract worth 412 billion won ($368 million) to build two LNG carriers for a ship owner in North America.The stock price gains reflect the report issued by Clarkson, a UK shipbuilding industry analysis organisation, which raised the price of an LNG tanker to $181
LR Grants AiP for LPG-fueled Gas Carrier
South Korean shipbuilder Hyundai Heavy Industries (HHI) has received Approval in Principle (AiP) from Lloyd's Register (LR) for a very large gas carrier (VLGC) design capable of using liquefied petroleum gas (LPG) as fuel.LPG presents advantages over marine diesel oil (MDO) and heavy fuel oil (HFO) when a VLGC is able to utilize the LPG cargo on board as a fuel. However, safety issues need to be thoroughly examined particularly in relation to potential leaks of LPG in a confined space and the implications for ventilation.
Kwispaa LNG Signs FEED Contract of Two At-Shore LNG Hulls
The Kwispaa LNG Project achieved a significant milestone in its development this week as Kwispaa LNG signed a contract with Hyundai Heavy Industries for the Front-End Engineering and Design (FEED) of two At-Shore LNG hulls.This follows the recent Invitation to Tender to shortlisted EPC (engineering, procurement, and construction) contractors for the FEED work on the At-Shore LNG topsides, marine facilities, pre-treatment, and balance of onshore plant facilities. EPC contractor tenderers include Black & Veatch / Samsung Heavy Industries / PCL Industrial Management Inc.…
Rosneft Orders Two Oil Tankers from Zvezda Shipyard
Russian oil company Rosneft announced it has ordered two Aframax crude oil tankers to be built at Russia's far eastern Zvezda shipyard for scheduled delivery in 2022.The Russian-flagged vessels will have a deadweight of 114,000 metric tons and a 1A/1B ice class, which makes them able to operate in icy conditions year round, including in sub-Arctic seas and Russian ports of the Baltic region, said Russian shipping company PAO Sovcomflot (SCF Group).According to the documents, Arctic Leasing will place orders for construction of the two Aframax tankers at the shipyard…
ABS Awards AIP to HHI’s Standardized FPSO Topside
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.
AMPTC Inks Deal with ASRY for BWTS Installs
Egypt-based Arab Maritime Petroleum Transport Company (AMPTC) has signed a deal with Bahrain-based maritime repair and fabrication facility ASRY to install ballast water treatment systems (BWTS) on part of its fleetThe agreement has already seen one system installed the very large crude carrier (VLCC) Sea Jewel, with a further two more vessels agreed to have installations in the coming months. Negotiations continue to extend the agreement to include more installations throughout 2018 and 2019.ASRY Ship Repair General Manager…
GTT to Equip FSRU Newbuild
GTT has received an order notification from South Korean shipyard Hyundai Heavy Industries (HHI) to equip a new floating storage and regasification unit (FSRU) with its Mark III cryogenic membrane containment system.The FSRU of 170,000 m3 will be built on behalf of a European ship-owner. Its delivery is scheduled in 2020."We are very pleased to pursue our long-term partnership with HHI through this project," commented Philippe Berterottière, Chairman and CEO of GTT. "FSRU are the prime solution chosen by operators as they constitute an economical alternative to onshore storage terminals and offer a higher flexibility, with reduced construction delays. The Mark III technology is perfectly competitive and adapted to this vessel type."
Hyundai Merchant Marine Selects 3 Yards to Build Eco-Friendly Mega Containerships
Since HMM sent out a Request for Proposal (RFP) to shipbuilding companies on April 10, HMM has considered all the conditions for newbuilding including delivery date and price of new ships suggested by shipbuilders, and finally selected three shipbuilders to sign a Letter of Intent (LOI) for 20 new vessels. First, HMM chose Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) for seven and five 23,000 TEU containerships respectively which are expected to deliver in the second quarter of 2020.
GTT Bags Contract for LNG Carrier Tank Design
French engineering from GTT said it has received an order from South Korean shipyard Hyundai Heavy Industries to design the tanks of a new 174,000 cbm liquefied natural gas (LNG) carrier on behalf of Greek shipowner Thenamaris. The vessel's delivery is scheduled in September 2020.These tanks will be equipped with the Mark III Flex membrane containment system.Philippe Berterottière, Chairman and CEO of GTT, said, "This new order reinforces our long-term partnership with Hyundai Heavy Industries, with whom we have managed more than 50 new builds. We are also very pleased to accompany, once more, Thenamaris on its vessels projects."