Hyundai Glovis Bags $1.3bln Contract
Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles, said a report in RTT News. The auto freight unit of South Korea's Hyundai Motor Group quoted as saying that the orders are to ship vehicles built by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. The report said that, under the two separate deals, Hyundai Glovis said it is set to ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019.
Hyundai Merchant Heading for Bankruptcy ?
A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM) after the company's bondholders rejected the company's proposed debt rescheduling plan, says Alphaliner. "The potential bankruptcy of the financially troubled South Korean carrier would be the largest-ever in container shipping.
Hyundai Glovis Signs $100m Qatari Shipping Deal
Hyundai Glovis Co., South Korean shipping firm, clinched a $100 million shipping service contract with a building materials firm in Qatar, reports Yonhap news agency. According to the agreement signed with state-run Qatar Primary Materials Co., Hyundai will transport 12 million tons of aggregates to the Arab nation from neighboring United Arab Emirates for the next two years. The aggregates imported by the Qatari government are to be used in the construction of facilities for the 2022 FIFA World Cup to be hosted by the country.
Hyundai Founder Dies
Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in what is now North Korea, Chung helped propel South Korea from the ashes of civil war into an industrial powerhouse. Chung died in hospital from complications from pneumonia, hospital officials said. Chung left home at 18 to seek his fortune against the will of his father who wanted his first son to feed his family. He earned his first wage as a rice delivery boy. His first step on the road to riches came with his first ventures, a lorry firm and car repair company in the waning days of Japan's 1910-45 occupation of Korea.
$252m Finance for LNG-Powered Tankers
Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.
Hyundai Heavy To Cut Debt Ratio
South Korea's Hyundai Heavy Industries Co. plans to cut its debt-to-equity ratio to 140 percent by the end of the year by selling shareholdings in its affiliates, according to company officials. The company has so far booked more than $116 million in profit from selling some $220 million worth of securities in Hyundai Securities, Hyundai Motor and Hyundai Electronics Industries.
Shell & Hyundai Open S. Korea Base Oil Plant
A joint venture company formed by Shell and Hyundai Oilbank, has inaugurated a new base oil manufacturing plant in Daesan, South Korea. The plant has the capacity to produce approximately 13,000 barrels per day or 650 kilotonnes of API Group II base oils per year. (Base oils are the key component of finished lubricants, making up on average of 60-80% of the end product). Mark Gainsborough, Executive Vice President for Shell Lubricants, said: “As the demand for higher quality lubricants is on the rise in Asia…
Eastern Shipbuilding Deliver 'HOS Riverbend'
Eastern Shipbuilding Group, Inc. says it has delivered the M/V HOS RIVERBEND (Hull 204), their fourth and final vessel in the HOSMAX 300 series, to Hornbeck Offshore Services, LLC, ahead of schedule. Each vessel is Diesel-Electric powered, twin Z-drive propelled OSV’s. These high-tech vessels feature four Caterpillar 3516C 16-cylinder turbo-charged Tier III diesel generator engines each rated at 1,825 kW at 1,800 rpm. Main propulsion power is provided by two GE Energy furnished Hyundai 2…
Great Ships of 2013: Hornbeck’s HOSMAX 300 Series
Eastern Shipbuilding Group delivered M/V HOS Red Rock (Hull 202) to Hornbeck Offshore Services, LLC. Hornbeck’s first vessel, the HOS Red Dawn (Hull 201), was delivered on June 21, 2013 and is currently servicing offshore drilling operations in the U.S. Gulf of Mexico. Hornbeck’s third vessel the HOS Renaissance (Hull 203) was scheduled for delivery in November 2013. HOS Red Rock is the second of four vessels designated as the HOSMAX 300 series by Hornbeck Offshore and are diesel-electric powered, twin Z-drive propelled OSV’s measuring 292 x 64 x 24.5 ft.
GE to Propel Maran LNG Carriers
Induction-based electric propulsion motor technology from GE’s Power Conversion business will be used to power four new LNG carriers that Korean shipbuilder Hyundai Heavy Industries will build for Maran Gas Maritime, the gas shipping unit of the Angelicoussis Shipping Group. Contracts for the propulsion systems were signed in late May. Hyundai Heavy Industries will deliver the vessels over a 15-month period beginning in July 2015. In late April of this year, sea trials were completed…
Liebherr: Purely Electrical Portal Crane
The new LPS 420 E is the latest extension of the Liebherr mobile harbour crane product range. The newly designed machine is a purely electric driven portal crane. All crane movements like luffing, hoisting, slewing and travelling are done by electric motors. As the LPS 420 E is a member of the LHM series, it is also characterised by high modularity. Therefore, it is a universal all-rounder and a key asset for handling every type of cargo, from containers to bulk, general cargo and heavy lifts up to 124 t.
WW and OW Acquire HMM’s Car Carrier Division
Representatives from Wilh. Wilhelmsen ASA (WW) and Wallenius Lines AB (OW) on August 10, 2002 signed the agreement with Korea’s Hyundai Merchant Marine Co., Ltd. (HMM) on the acquisition of HMM’s car carrier division. The terms of the agreement include long-term exclusive contracts with Hyundai Motor Company (HMC) and Kia Motor Corporation (KMC) on shipping their car exports for an initial five-year period, with provision for extensions. The newly-established company, which will acquire HMM’s car carrier division, will be incorporated in Korea, with WW and OW together holding 80 percent and with HMC and KMC together holding 20 percent. The price for the acquisition will be $1.3 billion plus the assumption of future vessel charter obligations.
SKorean Shipbuilders Lower on Steel Price Concerns
Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0.5 percent at 10,400 won. The mainboard KOSPI was down 0.5 percent. Fears are mounting that key steel makers could jack up product prices to reflect higher cost of raw materials, including iron ore and coal. POSCO and Nippon Steel said Monday that they have agreed to a 65 percent increase in iron ore contract prices with Brazil's Companhia Vale do Rio Doce, which will set a global benchmark.
Hornbeck Signs with Eastern Shipbuilding for Two OSV's
Eastern Shipbuilding Group, Inc. Signs Two Option HOSMAX310 OSV’s with Hornbeck Offshore Services, Inc. Eastern Shipbuilding Group, Inc. has announced that Hornbeck Offshore Services, Inc. has exercised two of its twenty-four option, 302’x64’x26’ HOSMAX310 Offshore Support Vessels. Eastern is now under contract to construct ten of these vessels for Hornbeck. The two additional option vessels are being built to the STX SV310 design from STX Marine. These vessels have been designated as the HOSMAX series by Hornbeck and are USCG…
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…
HHI Group to List Oilbank
IPO seen improving group's financial soundness, transparency; Group sees shipbuilding recovery starting 2019. South Korea's Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about $1.2 billion via a share issue by shipbuilder Hyundai Heavy Industries, in a move to bolster its finances. Hyundai Heavy Industries, the flagship company of South Korea's ninth-largest conglomerate, said on Tuesday that Hyundai Robotics, the group's holding company…
Video: Fishing Vessel Ablaze off California
The U.S. Coast Guard said it is responding to a vessel fire near Trinidad, Calif. on Wednesday.A helicopter aircrew from Coast Guard Sector Humboldt Bay has deployed in response to the fire aboard commercial fishing vessel Midori off the northern California coast.The Coast Guard said it also launched a 47-foot Motor Lifeboat crew from Station Humboldt Bay to assist the stricken vessel.
Hyundai Asan Bails Out its Sister Firm
South Korea's Hyundai Asan Co, a unit of the Hyundai Group, said on Monday it would take over the group's loss-making tours to North Korea from its sister firm Hyundai Merchant Marine. "Hyundai Merchant Marine would not participate in our North Korean tour project in the future as the company had been under pressure from its creditors to pull out of it," a Hyundai official said. The official said Hyundai Asan could lease cruising ships from Hyundai Merchant Marine or pay the cruise operator for its ferry runs to North Korea's scenic Mt. Kumgang region. Hyundai Engineering's board approved on Monday morning Shim Hyun-young, president of Hyundai Engineering Plastic, as new president of the nation's largest builder.
Eastern Shipbuilding Delivers Second Tiger Shark Class Vessel
Eastern Shipbuilding Group Inc. announced the early delivery of the Sisuag, the second of three 292-foot Tiger Shark Class Offshore Support Vessels, to Harvey Gulf International Marine LLC of New Orleans, La. Launched in October, the Sisuag is a DP II, SOLAS-approved, FIFI 1 Classed, AC diesel-electric powered, twin Z-drive propelled OSV. This high-tech vessel features four Cummins QSK60-DM 16-cylinder turbo-charged Tier II diesel generator engines, rated 1825 Kw at 1,800 rpm.
Japan Automakers Impacted by U.S. Port Dispute
Japanese automakers are being forced to ship some car parts to U.S. plants by expensive air cargo and tweak production processes as a protracted labor dispute at U.S. West Coast ports shows no signs of letting up. Fuji Heavy Industries Ltd's Subaru, the fastest-growing brand in the United States, said this week that it now had to shoulder an extra 7 billion yen ($60 million) in costs a month due to air freight, which has seen prices go up with the extra demand. "It looked like the labor talks were going well at one point but in recent days the slowdown has grown quite severe," Fuji Heavy Chief Financial Officer Mitsuru Takahashi said. He said that without the move to chartered cargo flights, the automaker's U.S. production would have come to a halt in mid-February.
Hyundai Merchant Marine Share Sale Helps Avert Bankruptcy
South Korea's Hyundai Engineering & Construction sold $33.47 million worth of shares in Hyundai Merchant Marine on Wednesday as part of efforts to raise capital to avert bankruptcy. Hyundai Engineering, parent of Hyundai Group, barely avoided insolvency on Tuesday after creditors agreed to roll over 30 billion won in maturing debts. The builder sold 15.6 million common shares in Hyundai Merchant to Hyundai Elevator , investor relations official Kim Sung-kook said. The Hyundai Merchant shares were sold at 2,430 won their closing level on Wednesday. They closed up almost 11 percent on Thursday, while Hyundai Engineering shares surged almost 15 percent to close at 1,350. Hyundai Engineering's stake in the shipping company fell to 8.69 percent from 23.86 percent.
Eastern Shipbuilding Delivers Third Tiger Shark Vessel to Harvey Gulf
Eastern Shipbuilding Group Delivers Third “Tiger Shark Class” Vessel to Harvey Gulf International Marine. Eastern Shipbuilding Group, Inc. is pleased to announce the early delivery of the HARVEY CHAMPION, the third of three (3) 292 ft. Tiger Shark Class, Offshore Support Vessels being constructed for Harvey Gulf International Marine, LLC of New Orleans, LA. The HARVEY CHAMPION was delivered on August 7th, 2012 after successfully completing dock trials, sea trials and DP trials. The HARVEY CHAMPION is the 10th vessel that Eastern Shipbuilding Group, Inc.
ESG Launches M/V Bravante VII
Eastern Shipbuilding Group, Inc. has christened and launched the M/V BRAVANTE VII for Boldini S.A., BRAVANTE GROUP of Brazil. This is the third vessel launched in a series of five. The event was held on December 20, 2013 at Eastern’s Nelson Street Facility with hundreds of Eastern’s Employees and Guests. Attending from Bravante were Nuno Neves, William Grutter, Pedro Correa and Cristiana Marsillac along with several members that traveled from Brazil witnessing the launch of the third of five Platform Supply Vessels under contract with Eastern.