Hyundai Heavy Industries News

21 Jan 2020

Probunkers Orders for LNG Bunkers at HMD

Image: probunkers

The global LNG bunkering supplier Probunkers has agreed terms with Hyundai Mipo Dockyard (HMD) for the construction of two firm units of 7,600 m3 LNG Bunker Vessels, signing a Letter of Intent (LOI) with the South Korean leading yard.The signing of this LOI comes as the product of a long optimization process during which probunkers’ technical team reviewed more than thirty (30) ship design proposals to serve the purpose of the project involving prestigious organizations such as the American Bureau of Shipping (ABS)…

12 Jan 2020

GTT Wins 8 LNGC Orders from HHI Yard

Image: GTT

French liquefied natural gas (LNG) containment system specialist Gaztransport & Technigaz (GTT) has received several orders from Korean shipyards Hyundai Heavy Industries (HHI) and Hyundai Samho Heavy Industries (HSHI) for the equipment of eight new LNG Carriers (LNGC).According to a press note from the French LNG storage technology firm, the orders were receirved at the end of December 2019.Each vessel will offer a capacity of 174,000 m3 and will be fitted with the Mark III Flex…

05 Jan 2020

HMD Confirms Evergreen Boxship Order

Image: Hyundai Mipo Dockyard (HMD)

South Korean shipbuilder Hyundai Mipo Dockyard (HMD), a unit of Hyundai Heavy Industries (HHI), has confirmed the KRW 110 billion ($100m) newbuilding order for four units of 1,800 TEU container carriers from Taiwanese shipping line Evergreen Marine Corporation.The world's No. 1 shipbuilder specializing in medium-sized ships such as product/chemical tankers, car carriers, LPG & LNG carriers, and asphalt carriers, said that The vessels, each of which will have a length of 172 meters…

05 Jan 2020

HHI Projects a Revenue of $15.9Bn in 2020

Image: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group, which includes the world's largest shipyard, aims for a revenue of USD 15.9 billion in 2020.Yonhap News Agency said the combined target of Hyundai Heavy Industries Co., Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. remains unchanged from last year’s goal.HHI said it aims to bag $8 billion worth of deals in 2020, according to the report.Hyundai Mipo Dockyard said in a regulatory filing that it aims to clinch deals worth $3.65 billion this year.In 2019…

01 Jan 2020

South Korean Yards Close Year with No.1 Spot

Image: Hyundai Heavy Industries (HHI)

South Korean shipbuilders are expected to maintain their status as the world’s top position in new orders this year, although they may fail to meet their annual order targets.South Korean shipbuilders have secured new orders totaling 7.12 million compensated gross tons to build a total of 168 ships through November, accounting for 36 percent of the total deals placed around the globe, said a report in Yonhap.According to the report, the Chinese rivals have bagged 7.08 million CGTs worth of orders for 304 ships in the first 11 months of the year…

30 Dec 2019

HHI Wins $293M Newbuild Order

Image: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group said that its two affiliates have clinched two deals worth 340 billion won (US$293 million) in total to build six vessels.Hyundai Mipo Dockyard (HMD), a unit of HHI, has won a KRW 110 billion ($100m) newbuilding order for four units of 1,800 TEU container carriers from Taiwanese shipping line Evergreen Marine Corporation.The boxships will be built to the Con-Green design developed by HMD in conjunction with Man Energy Solutions and DNV GL in HMD’s Ulsan shipyard in phases starting 2021.In a separate deal…

25 Dec 2019

Saudi Aramco, Korea Shipbuilding Roll-out New JV

Image: Saudi Aramco

Korea Shipbuilding & Offshore Engineering (KOSE), a manufacturer of oil tankers, cargo and passenger vessels, and warships, and Saudi Arabian Oil Company (Saudi Aramco) plans to set up a joint venture to build engines.According to South Korea’s Yonhap News Agency the JV will break ground for the plant in the King Salman International Complex for Maritime Industries and Services in the kingdom’s eastern coast in September 2020, and the project is set to be completed in May 2022.The Korean company is working to build a shipyard at the complex through a separate JV with Saudi Aramco…

23 Dec 2019

HHI Receives AIP for Bulk Carrier Design

(From left to right) Sung-ho Shin, Head of Pre-Contract Maritime at DNV GL in Korea; Thomas Klenum, Senior Vice President at Liberian Registry; Jae-eul Kim, Senior Vice President at HHI; Seung-ho Jeon, Senior Vice President at HHI; Jong-Kyo Choi, High Manganese Steel Solutions TF Team Leader at POSCO (Photo: HHI)

Hyundai Heavy Industries (HHI) has announced that it recently received the Approval in Principle (AiP) for the design of a capesize bulk carrier with type C LNG fuel tank made of POSCO’s high manganese steel and fuel gas supply system from DNV GL and Liberian International Ship & Corporate Registry (Liberian Registry).The hand-over ceremony was held at HHI’s Seoul office and attended by senior officials from HHI, POSCO, DNV GL and Liberian Registry, including Jae-eul Kim, Chief Technology Officer(CTO) at HHI…

20 Dec 2019

Shipbuilder Wins $1.13B Orders for 6 Ships

Image: Hyundai Heavy Industries

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has secured orders for a total of six liquefied natural gas (LNG) carriers from European and Asian shipowners, totaling $1.13 billion.The ships - four LNG carriers for a European client and two others for an Asian shipping company - will be installed with a dual-fuel propulsion system to enhance efficiency and reduce toxic gas emissions.Four of the vessels for the European owner will be built by Hyundai Samho Heavy Industries while the remaining two will be built by Hyundai Heavy Industries.According to Yonhap…

02 Dec 2019

Japanese Shipbuilding Giants to Merge

Image:  Japan Marine United Corporation

Japan's biggest shipbuilders Imabari Shipbuilding and Japan Marine United (JMU) have formalized their business alliance by agreeing to enter into a capital tie-up amid blockbuster mergers in South Korea and China.According to Jiji Press, with the alliance, the shipbuilders aim to strengthen their international competitiveness at a time when South Korean and Chinese rivals are going through major realignment to grow stronger.Under the basic deal Imabari Shipbuilding plans to buy a nearly 30 pct stake in JMU via a shares purchase.

02 Dec 2019

Singapore Raises Concern over HHI-DSME Deal

Image: CCCS

The Competition and Consumer Commission of Singapore (CCCS) has expressed concern about the agreement of fusion notified from the South Korean shipbuilding groups Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering Co. (DSME).The authority antitrust of Singapore has raised competition concerns with the proposed acquisition by Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE) of a majority interest in DSME and the intended integration of the businesses of KSOE and DSME.Earlier…

27 Nov 2019

TEN Orders LNG Carrier at HHI

Pic: TEN

Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation (TEN) ordered has one-option-one 174,000cbm LNG carrier from Hyundai Heavy Industries (HHI) in South Korea with expected delivery, the first, in the second half of 2021 and the second, in the first half of 2022.The provider of international seaborne crude oil and petroleum product transportation services said that with this order, if the option is exercised, its LNG proforma fleet increases to four vessels…

20 Nov 2019

HHI Power System Maximzes Ship Efficiency

Hyundai Heavy Industries (HHI) Group is to maximize the ship efficiency for Very Large Container Ships (VLCSs) with its latest technology to simplify the power system.HHI and Korea Shipbuilding & Offshore Engineering (KSOE) announced that Norwegian-German classification society DNV-GL recently awarded an Approval in Principle (AIP) for the South Korean shipbuilder’s multi-grid design of the power system for 15,000-TEU container ships.The key feature of this latest design is the…

14 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…

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…

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