Hyundai Heavy Industries News

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…

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…

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…

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…

11 Sep 2019

GTT Wins Two Orders from Hyundai Heavy

Mark III concept. Pic: GTT

French liquefied natural gas containment system specialist Gaztransport & Technigaz (GTT) announced that it has  received two orders from the Korean shipyard Hyundai Heavy Industries (HHI).Each order is concerning the tank design of one new liquefied natural gas (LNG) carrier (LNGC), one on behalf of the ship-owner Tsakos and the other one on behalf of Capital Gas Carriers, said the engineering company.Each unit will offer a capacity of 174,000 m3, it said.GTT will design the tanks of the vessels, which will be fitted with the Mark III Flex membrane containment system.

10 Sep 2019

Hyundai Wins LNG carrier Order from H-Line

Image: Hyundai Heavy Industries Group

Hyundai Samho Heavy Industries (HSHI), a unit of the South Korean shipbuilder Hyundai Heavy Industries (HHI), has won an order for a liquefied natural gas (LNG) carrier.According to a stock exchange announcement by HHI, the deal has a value of $191.2 million.Yonhap reported that, under the deal with H-Line Shipping Co., a midsize South Korean shipper, Hyundai Samho will deliver the vessel with a cargo capacity of 174,000 cubic meters by December 31, 2021.Hyundai Samho, under Hyundai Heavy Industries Group…

06 Sep 2019

HHI to Deliver New LNG Carrier to TEN in 2021

Pic: TEN

Greek tanker company TEN announced that it is proceeding with the order of one-option-one 174,000cbm liquefied natural gas (LNG) carrier from Hyundai Heavy Industries (HHI) in South Korea.The vessel will be delivered in the second half of 2021, said the transporter of owning a versatile fleet of modern crude and product tankers with strong ice-class capabilities, shuttle tankers and LNG vessels.With this order, the Company’s LNG proforma fleet rises to four vessels, two of which…

02 Sep 2019

Marine Diesel Engine Market to Grow 3.9%

Image: MAN Energy Solutions

The global marine diesel engine market is estimated to grow at CAGR above 3.9% over the forecast time frame and reach the market value around US$ 8.1 billion by 2026.The worldwide market for marine diesel engines has expanded mainly as shipping industry needs to decrease carbon emissions, said Acumen Research and Consulting.The shipping industry focuses on developing higher-efficient diesel engines that use less diesel while offering more ship propulsion. However, the latest shipping and shipbuilding downturn has impaired the market.Shipbuilding orders decreased with lower shipping prices.

29 Aug 2019

Okeanis Adds Fifth New VLCC

Pic: Okeanis Eco Tankers

Greek shipping company Okeanis Eco Tankers (OET) has taken delivery of Nissos Donoussa, a very large crude carrier (VLCC) newbuild.The Alafouzos family-owned firm said that Nissos Donoussa has commenced trading in the spot market.The 319,000 dwt ship has been delivered by South Korean shipbuilder Hyundai Heavy Industries (HHI).In April 2019, OET was granted an option by the Alafouzos family to acquire two Suezmax newbuilding vessels to be constructed at Hyundai Heavy Industries with expected delivery dates in the third quarter of 2020.The option secures a right for the tanker company…

27 Aug 2019

Hyundai Samho Wins Orders for 5 Ships

Image: Hyundai Heavy Industries

South Korean shipbuilder Hyundai Samho Heavy Industries, a unit of Hyundai Heavy Industries (HHI), received orders for the construction of five vessels.According to Yonhap, the orders include two liquefied petroleum gas (LPG) carriers and three petrochemical carriers - for some 410 billion won ($337 million) combined.Hyundai Samho will build two LPG carriers with a cargo capacity of 84,000 cubic meters (2.97 million cubic feet) by November 2021 for 197.3 billion won, for  an unidentified…

23 Aug 2019

GriegMaas Welcomes Star Damon to Fleet

Star Damon, new supramax in the GriegMaas fleet.

GriegMaas - a joint venture  of Norwegean shipping company Grieg Star with investment management firm Maas Capital - has expanded its fleet with the Ultramax vessel Star Damon.Formerly known as GH Frankel, the 2012-built Star Damon is bought this year from Celsius Shipping.The Ultramax vessel is 199 meter long, has a beam of 32 meter, and a draught at 13.3 meters. Star Damon will join the G2 Ocean conventional bulk pool.Meanwhile, the company has delivered its old open hatch vessel, the Star Fuji, for recycling."On the 21st of August we delivered the 34 year old Star Fuji for recycling.

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