Hyundai Heavy Industries (HHI) will be decreasing its organization by 20% consolidating business units and departments to deal with the COVID-19 market conditions.
The long awaited HHI-DSME merger has been halted after EU antitrust regulators commenced their investigation in late 2019, waiting for both shipbuilding companies to provide the information missing.
The Korean Register recently granted an Approval in Principle (AIP) to Hyundai Heavy Industries (HHI) for its LNG dual fuel propulsion car carrier. In fact, the AIP covers two pure car and truck carriers vessels with a carrying capacity of 7.000 and 8.1000 CEU (car equivalent units).
Korean Shipbuilding & Offshore Engineering (KSOE) expects to gain momentum in 2020, following the strengthened emission regulations which will force shippers to replace their old vessels, as Hyundai Heavy Industries’ Senior Vice President reported.
ABS along with Hyundai Heavy Industries (HHI) announced that completed a landmark joint development project (JDP) upon HHI’s Integrated Smart-ship solution (ISS) system. Namely, ABS identified the smart functions of the project and published the first Product Design Assessment (PDA), concerning project’s data infra-structure.
Hyundai Heavy Industries claims that it has developed a ship operation system by retrofitting its generator-engine model with advanced information and communication technologies. More specifically, it uses artificial intelligence to reduce fuel expenses by more than 10%.
Several days ago, the European Commission has started a full-scale investigation to assess the proposed takeover of Daewoo Shipbuilding and Marine Engineering (DSME) by the Hyundai Heavy Industries Group (HHI). The investigation completed on 17 December while was carried out under the EU Merger Regulation.
Maeil Business Newspaper reports that South Korea’s big three shipbuilders will be facing a challenging year ahead of them due to the extra pressure put on the offshore plant sector, affecting its business performance. It is said that as oil refiners are reluctant to place new orders due to high volatility of oil prices, it is increasingly difficult to get offshore plant orders.
Hyundai Heavy Industries Holdings Co Ltd’s $1.8 billion merger with rival shipbuilder Daewoo is expected to face a full-scale investigation in Europe due to serious EU antitrust concerns. Reuters now reports that the European Commission will launch an investigation into the deal in the following days, after a preliminary review ends on Tuesday, December 17.
Hyundai Heavy Industries launched a simplified power system to be used by 15,000 TEU containerships, and received Approval in Principle by DNV GL. Traditionally, for conventional containerships, onboard electrical equipment is powered at a low voltage level. Yet, as containerships are becoming bigger, this means that the electricity they consume is increased.
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