Marine Link
Tuesday, January 23, 2018

Hyundai Mipo News

Hyundai Mipo Order Revised Up

According to a Nov 13 Reuters report, Hyundai Mipo Dockyard Co Ltd said it had signed a $408m order that revised up a 2007 contract to reflect changes to ship types. South Korea-based Hyundai Mipo had initially won a $373m order for eight container ships from an unidentified company in Europe in September 2007. The new contract now calls for the shipbuilder to deliver two container ships, two product carriers and three liquefied petroleum gas carriers, Hyundai Mipo said in a filing with the Korea Exchange. (Source: Reuters)

Korean Yard Delivers First of Six New Ships for Bahri

The National Shipping Company of Saudi Arabia (Bahri) receives the 'Bahri Abha' from South Korea's Hyundai Mipo shipyard. The new ship, of 26,000 dwt, was built especially for the general cargo trade and is the first to be delivered of six vessels that were contracted by the Company with Hyundai Mipo shipyard in 2011 for a total value of SAR 1,543 million. The remaining five general cargo vessels ordered by Bahri are under construction at Hyundai Mipo in South Korea with delivery expected during 2013 and the first half of 2014.    

Bahri Dry Bulk Secures Newbuild Finance

New vessels being built by Hyundai Mipo Dockyard will be used to cater to the growing demand for the import of essential grains into Saudi Arabia. Photo: Bahri Dry Bulk

Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million (USD 96mln) from Bank Albilad, one of the fast-growing banks in Saudi Arabia. The fund is to finance the purchase of four new bulk carriers as part of an agreement signed by the company‎ in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding company based in South Korea.

Shipbuilder Hyundai Mipo in Profit Freefall

Korean Shipbuilder Hyundai Mipo reports net plunges on falling orders in second quarter of 2012. Hyundai Mipo Dockyard Co.,reports that its second-quarter earnings dropped 76 percent from a year earlier mainly due to a decline in new shipbuilding orders reports Korea Times. Net profit reached 21.6 billion won ($19.1 million) in the April-June period, compared with a profit of 88.5 billion won a year earlier, the company said in a regulatory filing. Sales sank 76 percent on-year to reach 1.09 trillion won over the cited period, and operating income also fell 6.4 percent to 27 billion won, it said. Shares of Hyundai Mipo were trading at 128,500 won on the Seoul bourse as of 11:05 a.m., down 3.75 percent from Thursday's close.

Kuwait Orders Chemical Tankers from HHI

Hyundai Mipo Dockyard gets order for four chemical tankers.   Hyundai Mipo Dockyard said it had received an order worth $250 million to build four chemical tankers for Kuwait despite the world's shipbuilding industry downturn. Under the contract signed Tuesday in Kuwait, Hyundai Mipo -- a subsidiary of Hyundai Heavy Industries -- will deliver the four tankers to the state-run Kuwait Oil Tanker Company by August 2014. Hyundai Mipo said it had now received orders for a total of eight vessels worth more than $400 million in total this year. It aims to secure orders worth $3.2 billion this year, up 80 percent from 2011.  

Aker American Shipping Signs Agreement With Hyundai Mipo

agreement with Hyundai Mipo Dockyard Co. Ltd. relationship to include additional tankers as well as containerships. shipbuilder. Philadelphia. Shipholding Group, Inc. February 2007, as well as exclusive rights for containerships.

GEM, Hyundai Ink Contract for Five Tankers

Gulf Energy Maritime (GEM)has awarded South Korea's Hyundai Mipo Dockyard Co. Ltd. a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007. The contract, valued at approximately US $180 million, is for three tankers each with a 37,000 ton capacity and two with a 47,000 ton capacity. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled. The contract was signed at GEM's Dubai headquarters by Hussain Sultan and Byun Moon-Sung, senior vice president of the Hyundai Mipo Dockyard Co. Ltd., based in Ulsan, Korea.

HHI Subsidiary to Shed POSCO Stake

Hyundai Mipo Dockyard Co Ltd said on Tuesday it had decided to sell a stake worth 286 billion Korean won ($260.46 million) in steelmaker POSCO , in a bid to improve its balance sheet. Hyundai Mipo, a shipbuilding affiliate of world's largest shipbuilder, Hyundai Heavy Industries, specializing in smaller vessels, said in a regulatory filing the sale would take place before the market opens on November 19. Reporting by Joyce Lee

South Korean Shipyard to Build Two More LPG Carriers

Gas Carrier Foredeck: File photo

Leading South Korean shipbuilder Hyundai Mipo Dockyard Co., has won a US$102-million order from a Singaporean company to build two LPG carriers, according to Yonhap News Agency. Hyundai Mipo, a subsidiary of Hyundai Heavy Industries Co., said it will start building the vessels from March 2016 and deliver them  a year later. Principals of Eastern Pacific is a subsidiary of Eastern Pacific Shipping Pte., an international ship management company headquartered in Singapore. Hyundai Mipo Dockyard tapped the LPG carrier market for the first time in 2006 and has built 25 LPG carriers…

Hyundai Mipo Wins $222m Contract

The Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy Industries Co. said it had won a $222m order to build five chemical carriers. The shipbuilder will deliver the ships to an unidentified shipping company in Europe by February 2011, it said in a regulatory filing. South Korean shipbuilders such as Samsung Heavy Industries Co. are expected to see their exports rise 18 per cent to $26 billion this year on the back of continuous demand for high-end ships and other products. Source: Business in Asia Today

Navig8 Amessi joins the Delta8 Pool

Navig8 tanker

  Navig8 Chemicals is pleased to announce the delivery of Navig8 Amessi, the eleventh of eighteen ECO 37,000dwt chemical tankers constructed at Korea's Hyundai Mipo Dockyard ("HMD"). We welcome the latest addition to our growing pool: Vessel:            Navig8 Amessi Yard:              Hyundai MIPO Built:                2015 Delivery:          July 2015 Deadweight:        37,596 CBM:               42,000  

Hyundai Mipo Gets Chem Carrier Contract

Hyundai Mipo Dockyard reportedly won a $60 million order to build two chemical carriers. Following this announcement, the builder's orders to build and repair vessels so far this year to $980 million. - (Reuters)

Coflexip Stena Signs Contract With Hyundai Mipo

Coflexip Stena Offshore came to an agreement with Hyundai Mipo Dockyard for the construction of its newbuild ultra deepwater pipelay and construction vessel, scheduled to begin operations in the second quarter 2001. The future multipurpose vessel, which will be named later on, is designed for subsea construction and for laying rigid and flexible pipe and umbilicals down to 2,500 m. The newbuild will offer a wide range of capabilities covering subsea construction and installation in any deep and ultra deepwater fields in West Africa, the Gulf of Mexico and Brazil.

Hyundai Mipo Wins $462m Contract

Reuters reported that Hyundai Mipo Dockyard Co Ltd said it had won a $461.7m order to build ten product carriers from an unidentified Asian company. The shipbuilder said in a filing with the Korea Exchange it would deliver those ships by Apr. 30, 2011.

Hyundai Mipo Expands Navy Yard contract

A South Korean shipbuilder said that it will be building additional tankers and container ships at the old Philadelphia Navy Yard. The parent of Aker Philadelphia Shipyard Inc. said its expanded deal with Hyundai Mipo Dockyard Co. Ltd. covers an additional six tankers as well as exclusive rights for container ships. Under a 2004 deal, Hyundai Mipo has been providing design and procurement services for a series of 10 tankers currently under construction in Philadelphia. Aker Philadelphia Shipyard and its parent, Aker American Shipping Inc., are part of the Norway-based Aker group of oil services, engineering, construction and shipbuilding companies. Source: AP

Shipyard Fire Kills Four

Hyundai Mipo Dockyard, one of South Korea's smaller shipbuilders, said police were investigating a fire that killed four workers on a ship being built in Ulsan, southeast of Seoul. "Police and fire officers are investigating the cause of the fire, but it is still unknown," said a company official who declined to be identified. The fire broke out at 5 p.m. local time on Monday and killed four workers putting finishing touches to a 40,000 deadweight ton ship in dry dock at its shipyard in Ulsan. The fire lasted just 10 minutes and caused limited damage to the vessel, but it released poisonous gases suspected of killing the workers, he said.

HHIG to Post Record Sales

Hyundai Heavy Industries Group (HHIG), which consists of Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries expects to surpass its yearly sales target up 24 percent from a year earlier. As of the end of October, HHIG secured $28.8 billion worth of contracts from shipbuilding to plant businesses _ $16.2 billion by Hyundai Heavy Industries, $5.8 billion by Hyundai Mipo Dockyard and $6.8 billion by Hyundai Samho. Hyundai Heavy Industries’ net profit in the third quarter rose 106 percent from a year ago to 434.7 billion won. Industry analysts say worries over excessive supply, the rapid growth of Chinese shipbuilders and soaring oil prices still remain as risk factors impeding the expansionary plans of South Korean shipbuilders…

Clean Marine Wins New Contract

Photo courtesy of Clean Marine

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention for the reduction of sulphur oxides (SOx) demands that sulphur emission levels in Emission Control Areas (ECAs) shall be cut to 0.1 percent from the year 2015 and that the global emission level must not exceed 0.5 percent from the year 2020. The order for Clean Marine EGCS will enable the new medium-range tankers, owned and operated by a British oil major, to comply with this regulation without switching to more expensive fuels.

GEM, Hyundai Sign Contract for Five Tankers

Gulf Energy Maritime (GEM) awarded South Korea's Hyundai Mipo Dockyard Co. Ltd. a contract for five high specification double hulled product/chemical tankers for delivery during 2006/2007. The contract, valued at approximately $180m, is for three tankers each with a 37,000 ton capacity and two with a 47,000 ton capacity. They will be fitted with the latest deep well pumps and meet international environmental safety requirements by being completely double-hulled. Hyundai Mipo was selected following extensive consultations with a number of international shipbuilders. The five new vessels will join a GEM fleet which currently comprises two, four-year-old panamax coated tankers and four additional panamax tankers which are scheduled for delivery from Hyundai Heavy Industries next year.

Offshore Shipbuilding Demand Prompts HHI Design Expansion

Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap News Agency. Hyundai Heavy Industries plans to establish a new ship design subsidiary early next year by expanding its Mipo Engineering Co, reports Yonhap. Growing demands for high-end ships such as drill ships and offshore plants prodded Hyundai Heavy to set up the new company, the shipbuilder informed Yonhap. Mipo Engineering will be incorporated into Hyundai E&T, which will be financed by Hyundai Heavy Industries, Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co. Hyundai Heavy plans to increase the number of ship designers to 1,600 by 2018 from the current 350, and the number of employees in the ship inspection sector to about 400.

Korean Shipyard to Build for Scorpio Tankers

Scorpio Tankers sign letter of intent with Hyundai Mipo Dockyard for two tankships. New York-listed Scorpio Tankers has signed a letter of intent with Korea's Hyundai Mipo Dockyard for two additional fuel-efficient newbuild vessels at a purchase price of $34.0 million each. The company says that the acquisition of fuel-efficient vessels is "essential" in providing a competitive edge to the company. "We believe that modernising our fleet with more fuel efficient vessels is essential in establishing a competitive advantage in our markets," said Emanuele Lauro, CEO and chairman of the board at Scorpio Tankers. The vessels are due for delivery in January 2014 and will be built with new propulsion technology…

Bahri Receives New General Cargo Ship

The National Shipping Company of Saudi Arabia (Bahri) receive the 'Bahri Hofuf' from the South Korean shipyard Hyundai Mipo. The new 26,000 dwt general cargo ship is the second vessel delivered from the six vessels that were contracted by the Company with this shipyard in 2011 for a total value of SAR 1,543 million. Bahri has four general cargo vessels remaining under construction at Hyundai MIPO in South Korea with delivery expected to take place during 2013 and the first half of 2014. Bahri say that the financial impact of the delivered vessel, Bahri Hofuf, on their revenue will materialize during the second quarter of 2013G.    

Korean Shipyard Delivers Vroon Asphalt-Chemical Tanker

Photo credit Vroon

Dutch shipowners, Vroon B.V. The vessel was constructed at the Hyundai Mipo Dockyard, Ulsan, South Korea to ice-class requirements. Her sister vessel, Iver Brilliant, scheduled for delivery in July will be the last of 19 vessels constructed for Vroon at the Dockyard since 2005. In a ceremony held in Korea on 22 May, Iver Bright was named by Mrs Metos Delgado-van de Bospoort, wife of Mr Frans van de Bospoort, Managing Director Chemical, LPG & Product Tanker Group, DVB Bank. The vessel will be operated by Iver Ships B.V.

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