Hyundai Heavy Industries Co News

22 Aug 2019

APAC Marine Coatings Market to Hit $12Bln in 2024

Pic: China Shipbuilding Industry Corporation

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…

19 Aug 2019

World’s First: LR Digital Type Approval to HHI

Pic by LR, Hyundai Heavy Industries Co.

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.

12 Jul 2019

H-Line Orders LNG bulkers at Samho

Image: Hyundai Heavy Industries

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…

02 Jul 2019

Hyundai Seeks Approval For DSME Merger

Image: Hyundai Heavy Industries (HHI)

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…

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.

Pic: Saipem

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…

12 Feb 2019

FLNG Market Grows a CAGR of +93%

FLNG: Shell Global

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…

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

Pic: Hyundai Heavy Industries

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…

11 Jan 2019

Shipbuilding: SHI Eyes Fat Order Book in 2019

Image: Samsung Heavy Industries

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…

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

Pic: Hyundai Heavy Industries

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.…

28 Sep 2018

KNOT Concludes TC Contract for Two Shuttle Tankers

Image: Knutsen OAS shipping

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…

25 Jul 2018

Government Okays USD 1.2 bln for Korea Ocean Business Corporation

File Photo: Hanjin

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…

15 Jun 2018

Hyundai Merchant Marine Signs LoI for 20 Vessels

Photo: Hyundai Merchant Marine Co

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.

19 Jun 2019

LNG Carrier Seri Camar Delivered to MISC

MISC's Fifth MOSS-Type LNG Carrier, the Seri Cemara Photo MISC

Malaysian shipping firm MISC Group has taken delivery of Seri Cemara, the final vessel in a series of five MOSS-Type liquefied natural gas (LNG) carriers built for long-term charter to Petronas.The 150,200 CBM LNG carrier has been built for MISC by South Korean shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI). Upon its delivery, Seri Cemara joins her sister MOSS-Type carriers Seri Camellia, Seri Cenderawasih, Seri Cempaka and Seri Camar on long-term charter to Petronas.The…

30 Mar 2018

China Okays Merger of Two Largest Shipbuilders - Bloomberg

File Image (CREDIT: AdobeStock / (c) Burnel11)

China's cabinet has given preliminary approval to merge the country's two largest shipbuilders, China State Shipbuilding Corp with China Shipbuilding Industry Corp, Bloomberg reported on Friday, citing people familiar with the matter. It said the move, which will create a firm that will dwarf its South Korean rivals such as Hyundai Heavy Industries Co , could still be subject to change as many details needed to be ironed out by ministries and regulators. The two companies have…

16 Mar 2018

Construction Begins on Saudi Aramco's Shipyard Joint Venture

Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said. The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project. IMI is a partnership between United Arab Emirates-based Lamprell, state oil giant Saudi Aramco, National Shipping Co of Saudi Arabia (Bahri) and South Korea's Hyundai Heavy Industries Co.

05 Mar 2018

Hyundai Heavy Scales Back New Share Issue, to Raise $843 Mln

South Korea's Hyundai Heavy Industries Co Ltd said on Tuesday it plans to raise 906.5 billion won ($843 million) with its new share issue, less than a previous target of about 1.3 trillion won.   The shipbuilder said in a regulatory filing that the new shares would be priced at 98,800 won per share.   Shares in Hyundai Heavy, which tumbled in late December after it announced the share issuance plan to bolster its balance sheet, surged 7 percent on Wednesday. ($1 = 1,075.2000 won) (Reporting by Joyce Lee; Editing by Edwina Gibbs)

28 Feb 2018

LNG Carrier Seri Camar Delivered to MISC

MISC’s fourth MOSS-Type LNG carrier, the Seri Camar (Photo: MISC)

MISC Group has taken delivery of the 150,200 CBM liquefied natural gas (LNG) carrier Seri Camar, the fourth in a series of five newbuild MOSS-Type Seri C Class vessels built by Hyundai Heavy Industries (HHI). Owned by MISC, the Malaysian-flagged Seri Camar joins sister vessels Seri Cenderawasih, Seri Camellia and Seri Cempaka on long-term charter to PETRONAS. The delivery brings the current number of MISC’s LNG fleet to 28 vessels. The vessel was delivered at a naming ceremony held at the HHI yard in Ulsan, South Korea, attended by PETRONAS Executive Vice President & CEO Upstream, Y. Bhg.

02 Jan 2018

Saudi Aramco Shipyard Joint Venture Appoints CEO

(Photo: Saudi Aramco)

Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.

20 Dec 2017

Northern Drilling Expands its Fleet

Photo: Northern Drilling

Northern Drilling (NODL) announces the exercise of its option to purchase the semi submersible rig Bollsta Dolphin for a total consideration of USD 400 million. The Bollsta Dolphin is one of the world’s most sophisticated high-end floaters capable of operating in harsh environment areas and in ultra deep waters of up to 10,000 feet. The rig is currently under construction at Hyundai Heavy Industries Co. Ltd (HHI) with expected delivery in January 2019. The Company has the option to take earlier delivery of the rig should favorable contracts with start-up prior to January 2019 be secured.

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