The labour union at Hyundai Heavy Industries, demanded from the company to provide job guarantees to its employees if it wants to go ahead with the takeover of Daewoo Shipbuilding & Marine Engineering. Namely, during January, Korea Development Bank, DSME’s largest shareholder, signed an MoU with Hyundai Heavy Industries to sell its stake.
Hyundai Heavy Industries expressed its interest on buying, the second-placed, Daewoo Shipbuilding and Marine Engineering Co Ltd (DSME). If the purchase was to proceed, HHI would control more than 20% of the global market, according to Reuters. Also, Korea Development Bank, the biggest shareholder of DSME, reported that it has signed a conditional deal with Hyundai Heavy Industries Group to sell Daewoo shares.
Saudi Aramco aims to invest up to $1.6 billion for about for up to 19.9% of Hyundai Oilbank from Hyundai Heavy Industries Holdings, which owns 91.13% of Hyundai Oilbank. The latter has 650,000 barrels per day of refining capacity in the southwestern city of Daesan and plans to expand its petrochemical business. Saudi Aramco will probably value Hyundai Oilbank at 10 trillion won, or 36,000 won per share.
Two Chinese shipbuilders have expressed their interest in buying the Hanjin Heavy Industries and Construction Phillipines shipyard, prompting concern from policy and defense analysts. HHIC Phil owes $900 million to South Korean lenders and $400 million to five Philippine banks, making it the largest corporate bankruptcy in the Philippines’ history.
The ultra large container ship ‘Maersk Honam’ is to be shipped to South Korea for rebuilding, nine months after she sustained a major fire resulting in five fatalities. The heavy-lift vessel Xin Guan Hua wil transport the 228.5-meter-long sound section, from midship to stern, to Hyundai Heavy Industries.
South Korean shipbuilder Hyundai Heavy Industries Co., the world’s largest shipbuilding company, announced that it has received a cyber security certificate from the American Bureau of Shipping (ABS) for one of its very large crude carriers (VLCCs). This was the first time in the world that the company received the Cyber Security Ready (CSR) for a VLCC.
HMM finalised the contracts for its twenty eco-friendly mega containerships. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries will construct seven and five 23,000 TEU containerships, for delivery in the second quarter of 2020. HHI will build eight 15,000 TEU containerships, for delivery in the second quarter of 2021.
Lloyd’s Register granted Hyundai Heavy Industries an AiP for a VLGC design capable of using LPG as fuel. It is the first time the shipyard has received an AiP for LPG as a fuel design, as per the new IGC code. This AiP opens up the way for VLGC operators, who are trying to limit GHG emissions.
During SMM, LR announced a co-operation project with Hyundai Heavy Industries, to explore the value of blockchain when applied to shipbuilding. Namely, LR launched its prototype blockchain-enabled Class register. This registers ships into Class using blockchain technology.
In line with a downward trend in South Korean shipbuilding industry, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., both ranking at the top of the world’s largest shipbuilders, announced massive deficits in the second quarter of 2018.
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