Hyundai Heavy Industries Co News

11 Dec 2020

WE Tech to Equip Knutsen LNG Carrier Duo

(Image: Knutsen O.A.S.)

WE Tech Solutions said it has received an order to deliver its Solution One Economical Operations to a series of two liquefied natural gas (LNG) carriers being built by Hyundai Heavy Industries Co. in South Korea. This 174,000-cubic-meter capacity LNG carrier series is owned by Knutsen OAS Shipping and will be chartered to Polish Oil Mining and Gas Extraction S.A..WE Tech said its delivery package includes two sets of direct drive permanent magnet shaft generators, variable speed frequency drives and dedicated power management System (DPMS).

17 Nov 2020

World's Largest Ethane Carrier Delivered

(Photo: MISC Berhad)

MISC Berhad (MISC) has taken delivery of the world's largest very large ethane carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea.The newbuild 98,000 cubic meter capacity Seri Everest, MISC's first VLEC, is the lead vessel in a series of six that the shipowner purchased from Zhejiang Satellite Petrochemical (STL) in July 2020. Concurrently, MISC had also entered into time charter parties (TCPs) with STL, for the six VLECs to operate in international waters.

20 Oct 2020

WE Tech to Equip Six Shell LNG Carriers

(Photo: Shell)

WE Tech Solutions said Tuesday it has been awarded a contract to equip six additional newbuild liquefied natural gas (LNG) carriers that will be chartered to Shell.The Finnish firm said it will deliver six shipsets of its Solution One for the 174,000m³ capacity LNG carriers, which are chartered to energy major Shell LNG via the owners Knutsen OAS Shipping, J.P.Morgan Asset Management and Korea Line Corporation. The order is an option to the earlier eight contracted in March, now also added with a second option for another six more.The vessels are being built by Hyundai Heavy Industries Co.…

14 Sep 2020

Hyundai Heavy's Floating LNG to Power Solution Gets BV Nod

Credit: BV

South Korean shipbuilding giant Hyundai Heavy Industries' Floating LNG to Power solution - Hi-FL2P - has been granted an approval in principle certificate by the global classification society Bureau Veritas.‘Hi-FL2P’ has been described as an ‘All-in-One Type’ Floating LNG Power Plant where all equipment and systems that are required for the power generation and transmission including LNG containment, gas supply system, and power plant are installed in one unit to function as a stand-alone power plant.The ‘Hi-FL2P’ was developed in a Joint Development Project with  Bureau Veritas.

17 Apr 2020

Finnlines Orders MAN Propulsion Package for New RoRos

Graphical rendering of the new hybrid RoRo (picture courtesy Finnlines/ Knud E. Hansen)

MAN Energy Solutions has won the order to supply six MAN B&W 9S50ME-C9.6 Tier II-compliant main engines for three 238-meter roll-on/roll-off (RoRo) vessels intended for operation in the Baltic Sea. The customer is Finnlines PLC., the Finnish shipping company and part of the Grimaldi Group. MAN Energy Solutions’ two-stroke licensee – Hyundai Heavy Industries Co., Ltd. (Engine & Machinery Business Unit) – will build the engines in Korea, while Nanjing Jinling shipyard in China will construct the vessels.

13 Mar 2020

KOTC Adds New Gas Tanker

Kuwait Oil Tanker Company (KOTC) said that it received the giant liquefied natural gas (LNG) tanker, Umm Ruwaisat, as part of a major fleet overhaul.Accoding to Kuwait News Agency (KUNA), KOTC has entered the fourth phase of its fleet overhaul, which entails the delivery of eight carriers, three of which are gas tankers built by South Korean ship building firm Hyundai MIPO.The fourth phase of the fleet development includes the delivery of eight tankers of which three are giant LNG tankers built by Korea’s Hyundai Heavy Industries Co, in addition to four medium-term oil products tankers and a huge crude oil tanker currently being built in a Chinese firm.

05 Jan 2020

HHI Projects a Revenue of $15.9Bn in 2020

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, Hyundai Mipo Dockyard won orders worth $2.7 billion, achieving 76 percent of its annual order target of $3.53 billion.Hyundai Samho Heavy Industries said it aims to secure orders worth $4.25 billion this year.

22 Aug 2019

APAC Marine Coatings Market to Hit $12Bln in 2024

The marine coatings market demand by 2024 will rise exponentially driven by rapid surge in trade activities worldwide has led to increase demand from the shipbuilding sector.APAC marine coatings market valuation to hit $12Billion by 2024. According to International Marine Organization (IMO), over 90% of global trades are conducted via ships.Meanwhile, the International Transport Forum (ITF) Outlook 2019 estimates that the global freight volumes are likely to increase by 11% by 2050 owing to rapid growth in e-commerce activities.Asia Pacific marine coatings market is expected to witness commendable growth on account of presence of leading shipbuilding industries as well as increasing freight demands from e-commerce giants.China Shipbuilding Industry Corporation…

19 Aug 2019

World’s First: LR Digital Type Approval to HHI

The world's largest shipbuilding company Hyundai Heavy Industries Co (HHI) has become the first to obtain a Lloyd’s Register (LR) approval for a digital component as it received green light to use the technology for its Integrated Smartship Solution (ISS).According to LR, digital type approval delivers an assurance system to provide confidence in the market for the supply of digital components and offers all the benefits of traditional type approval; reassurance on supply chain quality and robustness within the marine environment. Digital type approval can apply to both components within information technology (IT) and operational technology…

12 Jul 2019

H-Line Orders LNG bulkers at Samho

Hyundai Samho Heavy Industries Co (HSHI), the Korea supplier of ship, tanker ship, bulk carriers ship, container ship, LNG ship, said it has clinched a deal to build two bulkers fueled by liquefied natural gas (LNG).According to a Yonhap report, under the deal with H-Line Shipping Co., a midsize South Korean shipper, Hyundai Samho will build two 180,000-ton vessels, which will be used on a route between South Korea and Australia starting in 2022.HSHI has not revealed the value of the deal, it said.According to the report, this is the second time that H-Line has placed an order for LNG-fueled vessels with Hyundai Samho Heavy, an affiliate of industry leader Hyundai Heavy Industries Co.

02 Jul 2019

Hyundai Seeks Approval For DSME Merger

South Korean shipbuilding conglomerate Hyundai Heavy Industries (HHI) Group has officially started the process to earn approval from anti-trust regulators for its proposed takeover of Daewoo Shipbuilding and Marine Engineering Co. (DSME).HHI has submitted a request for the formal approval from the South Korea’s Fair Trade Commission (FTC), as well as from antitrust authorities in Japan, China, Kazakhstan and the European Union.According to Yonhap New Agency the shipbuilding major would submit further requests for approval to other countries.Meanwhile, Hyundai Heavy Industries Group completed the spinoff of Hyundai Heavy Industries Co. into Korea Shipbuilding & Offshore Engineering Co.

28 Mar 2019

Trafigura Sends More Asian Gasoline to Americas

File Image (CREDIT: AdobeStock / © Jose Gill)

Commodity trader Trafigura is shipping this month a second newly built crude tanker with Asian gasoline onboard to South America amid strong demand in the West, four industry sources who closely monitor petrol trade flows said on Thursday.Although it is not uncommon for traders to use a brand new crude tanker of 150,000 deadweight tonnage (dwt) to ship clean fuels such as diesel, it is rare to use them for gasoline because of the sheer size."South America likely needs gasoline more than gasoil now.

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative, it said.Furthermore, advancement in subsea technologies along…

12 Feb 2019

FLNG Market Grows a CAGR of +93%

Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions, it said.Natural gas is consistently being used to substitute high pollutant fuels such as coal and fuel oil in power and industrial sectors in several countries.

11 Feb 2019

Grimaldi: 18 Engines Ordered for 9 Ships

MAN Energy Solutions has won the order to supply 18 × MAN B&W 9S50ME-C9.6 TIER II-compliant main engines for 9 × 7,800 lane-meter RoRo vessels intended for operation in the Mediterranean Sea. The customer is the Grimaldi Group, the Naples, Italy-based shipping company and leading operator within the RoRo segment. MAN Energy Solutions’ two-stroke licensee – Hyundai Heavy Industries Co., Ltd. (Engine & Machinery Business Unit) – will build the engines in Korea, while Jiangsu Jinling Shipyard Co. Ltd. will construct the vessels in Nanjing, China. Delivery of the first vessels is expected from 2020. MAN will also supply 1 × MAN TCA66 turbocharger for each engine.The new RoRos are the first examples of a new series of hybrid vessels…

31 Jan 2019

World's Largest Shipbuilders in $2 Bln Mega-merger

(Photo: Hyundai Heavy Industries)

Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…

21 Jan 2019

Hyundai Heavy Industries Wins New Orders on Tanker Vessels

Hyundai Heavy Industries Co., Ltd (HHI) announced  that it won an order to build two crude carriers from a shipping company based in Europe.The ships would be built by the group’s Hyundai Samho Heavy Industries brand and are scheduled to start delivery in the second half of 2020The world’s largest shipbuilder by sales said that the unnamed European shipowner is paying $130m for the two 158,000-dwt vessels.HHI will deliver the 274-meter-long and 48-meter-wide vessels from the second half of 2020 onward, the company said.According to Yonhap report, Hyundai Heavy and its two affiliates are aiming to win $15.9 billion worth of shipbuilding deals this year…

11 Jan 2019

Shipbuilding: SHI Eyes Fat Order Book in 2019

South Korean shipbuilder Samsung Heavy Industries (SHI) expects to increase orders by almost 24 percent in 2019 compared to last year.According to Yonhap, SHI is aiming to clinch USD7.8 billion worth of new orders this year which marks a 24 percent hike from last year’s tally.The shipyard also aims to post $6.4 billion in sales this year, up 29 percent from last year, it said in a regulatory filing.According to the stock exchange annoucement, SHI secured some $6 billion worth of new orders last year, lower than its initial target of $8.2 billion.Samsung Heavy said demand for commercial vessels will continue to remain firm and orders for offshore facilities will come in as well.Earlier…

29 Oct 2018

Another Ballast Treatment System Receives USCG Nod

Marine Safety Center issues Ballast Water Management System Type Approval Certificate to Hyundai Heavy Industries Co., Ltd.The Marine Safety Center issued the 11th U.S. Coast Guard Ballast Water Management System Type Approval Certificate to Hyundai Heavy Industries Co., Ltd., after a detailed review of the manufacturer’s type approval application determined the system met the requirements of 46 CFR 162.060.The treatment principle of the HiBallast BWMS consists of filtration with electrolysis during uptake and neutralization during discharge. This approval covers models with maximum treatment rated capacities between 75 m3/h and 10,000…

12 Oct 2018

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., the world's largest shipbuilder by sales, owns 80.54 percent of Hyundai Samho Heavy.South Korean shipyards have outstanding expertise in building LNG carriers and bunkering shuttles…

28 Sep 2018

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, the KNOT Group will have 31 shuttle tankers in operation or on order.In accordance with its new medium-term management plan “Staying Ahead 2022 with Digitalization and Green…

25 Jul 2018

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, South Korea's maritime gateway on the southeastern coast, nearly one year after the government proposed setting up the agency. The agency's initial capital base is set at 3.1 trillion won.The government also plans to invest 200 billion won in the agency.

15 Jun 2018

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. The Yonhap report said that HMM signed an LOI with Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. to place three separate orders to build twelve 23,000 twenty-foot equivalent unit (TEU) and eight 14,000 TEU container carriers.

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