Samsung Heavy Industries Co Ltd News

11 Nov 2019

DNV GL Awards AIP for SHI Cyber Secure Notation

(From left): Dong Ho Park, Senior Approval Engineer DNV GL; Andreas Kristoffersen, Head of ACK, DNV GL; Jarle Coll Blomhoff, Head of Cyber Security, DNV GL; Hae Ki Jang, VP, SHI; Duck Soo Kim, Senior Engineer, SHI; Kyung Won Bae, Senior Smart Ship Engineer, SHI; Chang Ryeol Heo, Principal Engineer, SDS; Partick Jeon, Leader of Machinery & Electric Planning Parts, SHI. Photo: DNV GL

The international accredited registrar and classification society DNV GL has presented South Korean shipbuilder Samsung Heavy Industries Co., Ltd. (SHI) with an Approval in Principle (AIP) for the Cyber Secure (Advanced+) notation.According to DNV GL, this is the world’s first AIP for its Advanced+ addition to the Cyber Secure notation. The additional scope has been awarded as a result of the use of the Samsung Smart Ship Solution, SVESSEL.Cyber security is becoming a crucial part of design and operational ship safety.

10 Oct 2019

MISC Secures ExxonMobil LNG Tanker Contract

Photo: MISC

MISC Berhad (MISC) through its wholly-owned subsidiaries have secured agreements with Exxon Mobil Corporation’s wholly-owned subsidiary, SeaRiver Maritime LLC (SeaRiver) for the time charter contracts of two Liquefied Natural Gas (LNG) carriers.Each of the LNG carriers will respectively serve the transportation needs of ExxonMobil’s worldwide LNG portfolio on a 15-year charter contract.Prior to this, MISC, through the same subsidiaries have also signed an agreement with Samsung Heavy Industries Co., Ltd. (SHI) for the construction of the LNG carriers in Korea.

04 Sep 2019

NOV to Supply STP System

Image: NOV

National Oilwell Varco, a provider of equipment and components used in oil and gas drilling and production, announced new contract award for submerged turret production (STP) system.APL, part of NOV's Completion & Production Solutions segment, has been awarded the supply of another large STP system, said a press release from NOV.This follows a recent  contract award from Samsung Heavy Industries Co. Ltd. for Reliance Industries' FPSO on the MJ field.This time, the system will be provided to a joint venture between Shapoorji Palloonji Oil and Gas and Bumi Armada Berhad.

31 Aug 2019

NYK Signs LNG Vessel Order for Total TC

Pic: NYK

Japanese shipping gaint Nippon Yusen Kabushiki Kaisha (NYK) has signed a new long-term contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier that will be built by Samsung Heavy Industries Co. Ltd. in Korea and scheduled for delivery in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…

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…

20 Aug 2019

MAN ES Expands its Digital Network

(From left) Bjarne Foldager – Senior Vice President, Head of Two-Stroke Business at MAN Energy Solutions and Yong Lae Shim, Vice President of SHI Ship and Offshore Research Institute (Photo: MAN ES)

MAN Energy Solutions and Samsung sign strategic digitization agreement MAN Energy Solutions and Samsung Heavy Industries Co., Ltd. have signed a strategic cooperation agreement for the digitization of marine engines. Together the companies want to define a framework for a long term strategic cooperation in order to develop technologies and systems for the digitization of marine engines.“Digital technologies and the business models based on these technologies will transform the maritime industry.

14 Jul 2019

Höegh LNG Wins FSRU Deal with Cheniere

Pic: Höegh LNG

Norway-based floating LNG giant Höegh LNG has signed a time charter contract for a floating storage and regasification unit (FSRU) Höegh Galleon with Cheniere Marketing International.The time charter commences in September 2019 after the delivery of the unit, Höegh LNG’s tenth, from Samsung Heavy Industries Co., Ltd.The terms of the time charter ensure the Höegh Galleon’s availability to serve the AIE project in Port Kembla, Australia, where Höegh LNG is the FSRU provider on a back-to-back basis.

01 Mar 2019

Teekay, Samsung Opt for Hydroniq Coolers

Image: Hydroniq Coolers

Norwegian supplier Hydroniq Coolers has won contracts from Samsung Heavy Industries Co. Ltd. (SHI) to deliver the cooling system for the engines of the six LNG-fuelled shuttle tankers the shipbuilder is constructing for Teekay Offshore.As per the contracts, Hydroniq Coolers – formerly named Sperre Coolers – will deliver its Hydroniq Rack seawater cooling solution that is integrated in the hull below the main engine room of the vessels. Marine cooling systems are utilised to reduce…

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…

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…

07 Dec 2018

NYK Line Signs TC for Two LNG Carriers with Total

Pic: NYK Line

Japanese shipping giant NYK has signed a long-term contract with a unit of French energy giant Total to charter two liquefied natural gas (LNG) carriers.According to the contract, Total Gas & Power Chartering Ltd (TGPCL) will charter from NYK two newly built liquefied natural gas (LNG) carriers that will be built by Samsung Heavy Industries Co. Ltd. in Korea and scheduled for delivery in 2021.The two LNG carriers will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…

20 Nov 2018

SHI Receives AiP Smart Ship Solution

Photo: Lloyd's Register

Lloyd’s Register (LR) presented Samsung Heavy Industries Co., Ltd. (SHI) with approval in principle (AiP) for its smart ship solution: INTELLIMAN SHIP. The solution is the first to receive LR’s ‘Digital AL2 SAFE PERFORM SECURE’ notation, confirming compliance with LR’s new Digital Ships requirements.SHI has been focusing its efforts on developing a smart ship solution to promote safe operation and optimization with a cyber security governance system to mitigate the risk of introducing vulnerabilities to cyber-attack…

02 Oct 2018

NYK Signs LNG Charter Deal with Total

Pic: NYK Line

NYK Line has signed a contract with Total Gas & Power Chartering Limited (TGPCL), a subsidiary of Total, a leading oil and energy company headquartered in France.The contract calls for TGPCL to charter from NYK a newly built liquefied natural gas (LNG) carrier for seven years, with an optional extension period of one year. The new vessel will be built by Samsung Heavy Industries Co. Ltd. in Korea and is due to be delivered in 2021.The LNG carrier will be equipped with a WinGD-made dual-fuel slow-speed diesel engine (i.e.…

18 Apr 2017

Daewoo Shipbuilding unlocks $2.6 bln Bailout

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

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world's biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent.

19 Aug 2016

Samsung Heavy Industries to Raise $985 mln via Rights Issue

South Korean shipbuilder Samsung Heavy Industries Co Ltd said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue. Samsung Heavy, part of the Samsung Group conglomerate, has been planning a rights issue to weather a drop in orders for new vessels at South Korea's three largest shipbuilders, while the country expects a 20 percent drop in major shipbuilders' capacity by 2018 from 2015. Separately, a person with direct knowledge of the matter told Reuters that Samsung Electronics Co Ltd Vice Chairman Jay Y. Lee - the de facto head of Samsung Group - does not plan to buy any of the new Samsung Heavy shares. A Samsung Group spokeswoman declined to comment.   Reporting by Joyce Lee and Se Young Lee

28 Nov 2017

Teekay Orders Additional Shuttle Tanker Duo

Teekay Offshore Partners L.P. has declared options with Samsung Heavy Industries Co., Ltd. for the construction of two Suezmax  DP2 shuttle tanker newbuilds for a total fully-built-up cost of approximately $265 million. Upon delivery in 2020, the vessels will join Teekay Offshore’s Contract of Affreightment (CoA) fleet in the North Sea. “This is another important milestone for Teekay Offshore’s shuttle tanker franchise since it further strengthens our position as the leading provider of CoA shuttle tanker services in the North Sea,” said Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. According to Teekay, the newbuilds will be constructed based on the Partnership’s new Shuttle Spirit design which incorporates technologies to increase fuel efficiency and reduce emissions…

26 Jan 2018

Samsung Heavy to Issue New Shares

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

South Korea's Samsung Heavy Industries Co Ltd plans to issue new shares worth 1.56 trillion won ($1.47 billion), the company said on Friday.   The world's third-largest shipbuilder by orderbook also said in a regulatory filing it planned to increase its short-term loans by 750 billion won.   Friday's fundraising decisions were first announced in December, in order to pay debt and cut the risk of tighter credit conditions due to its weak earnings prospects.   Reporting by Joyce Lee

29 Jan 2018

Samsung Heavy Sells Drilling Rig for $500 Mln

South Korea's Samsung Heavy Industries Co Ltd said on Monday it has agreed to sell a semi-submersible drilling rig for $500 million to an unidentified European company.   The world's third-largest shipbuilder by orderbook said Sweden's Stena, which originally ordered the drilling rig, had cancelled the order last year.   Last week, Samsung Heavy agreed to sell the rig to a European third party, resolving the risk of non-payment, the firm said in a regulatory filing. (Reporting by Joyce Lee; Editing by Sherry Jacob-Phillips)

05 Mar 2018

Samsung Heavy: New Share Issuance Worth $1.31 Bln

South Korea's Samsung Heavy Industries Co Ltd said on Tuesday the expected value of its planned new share issuance has been cut to 1.41 trillion won ($1.31 billion) from a previously-announced 1.56 trillion won.   The shipbuilder said in a regulatory filing that the value of the issuance had been changed with newly issued shares to be assigned at 5,870 won per share, instead of the originally planned 6,510 won per share.   Samsung Heavy shares have fallen about 35 percent since the plan to issue new shares were announced in early December. ($1 = 1,073.8500 won) (Reporting by Joyce Lee Editing by Stephen Coates)

27 Oct 2016

NAT Orders Three Suezmax Tankers

Nordic American Tankers Limited (NAT) said it has entered into agreements with Korean shipyard Samsung Heavy Industries Co., Ltd. for the construction of three Suezmax tankers of about 157,000 deadweight tons each to be delivered during the second half of 2018. “This is another large step forward for Nordic American,” said Herbjørn Hansson, the Chairman & CEO of the Company. “By adding these ships, we substantially increase the dividend capacity and bolster our earnings potential. We believe that our solid balance sheet as well as our well-defined and transparent operating model are elements supporting the competitive position of NAT. The stock issue of about $120m that we completed September 30, will part finance this transaction.

11 Nov 2016

Nordic American Tankers Expands Fleet to 33 Vessels

Photo: Nordic American Tankers

Armed with $120m from the placement, Nordic American Tankers  (NAT) has contracted to increase its fleet from 30 to 33 vessels, enhancing its potential for both higher earnings and dividends. The Company will have a fleet of 30 trading vessels in early 2017. By way of comparison, in the autumn of 2004, the Company had three vessels. NAT is focused on maintaining top technical quality of the fleet. Our operational performance remains at the forefront of the industry. 3Q2016 inspections had an average of 2.4 observations which we consider an excellent result.

15 Nov 2016

Hyundai Heavy to be Split into 4 Firms

Shipbuilder to be split into four companies; spinoff is part of restructuring plan submitted to creditors. South Korea's Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness, the shipbuilder said on Tuesday. South Korean shipbuilders have been selling non-core assets and slashing jobs to cope with shrinking orders from the oil industry that forced the firms into heavy losses last year. South Korea is home to the world's three largest shipbuilders - Hyundai Heavy, Daewoo Shipbuilding & Marine and Samsung Heavy Industries Co Ltd. Under the plan, Hyundai Heavy will be divided into four companies.

30 Mar 2018

Mitsui LNG Carrier Named Marvel Falcon

Marvel Falcon Photo courtesy Mitsui

On March 29, a naming ceremony was held at Geoje Shipyard of Samsung Heavy Industries Co., Ltd. in Korea, for new liquefied natural gas (LNG) carrier that NYK has concluded a long time-charter contract with Mitsui & Co. Ltd. At the ceremony, the ship was named “Marvel Falcon” by Mr. Tatsuo Yasunaga, president and chief executive officer of Mitsui & Co., Ltd. and the ceremonial rope holding the vessel in place was cut by Mr. Yasunaga’s wife. From NYK, Hitoshi Nagasawa, Representative Director, Senior Managing Corporate Officer attended.

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