As the Korea Times reports, Hyundai Heavy Industries is facing protests from Ulsan City over its goal to establish the headquarters of Korea Shipbuilding & Offshore Engineering, the newly merged company of Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME), in Seoul.
Ulsan, home to the world’s biggest shipbuilder, highlighted that the new company is a genuine head office of Hyundai Heavy Industries, thus the new firm should be headquartered in Ulsan, not Seoul.
The...
Hyundai LNG Shipping Company (HLS, the Company), South Korean owner of 10 LNG Carriers, has placed an order at Hyundai Heavy Industry for the construction of one 84,600cbm Very Large Gas Carrier(VLGC). The vessel will be delivered in 3Q 2020 for the employment of seven-year (+ option) time charter with a global energy company.
Image Credit: hls.co.kr
KyuBong Lee, CEO of HLS, said “We are very grateful to build meaningful relationship with a respectable charterer through long-term contract and to...
South Korean major shipbuilder Hyundai Heavy Industries (HHI) announced that its newly spun-off company Hyundai Global Services (HGS), specializing in providing total marine services, has signed a MoU with compatriot shipping company KSS Line, for entering into eco-friendly ship business.
Under the MoU, the two companies will join forces to retrofit the medium-sized LPG carriers owned by KSS Line with scrubbers, in a bid to make the ships comply with IMO’s 2020 sulphur cap.
From this month, the...
https://safety4sea.com/hyundai-heavy-kss-line-team-up-on-eco-friendly-ship-business/
Hyundai Heavy Industries (HHI) Group and Korea Development Bank (KDB) signed on Friday a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME), in the presence of Kwon Oh-gap, Vice Chairman & CEO of HHI Holdings; Ka Sam-hyun, President & CEO of HHI; and Lee Dong-gull, Chairman & CEO of KDB. Under this definitive agreement that builds on the heads of agreement signed between HHI and KDB on January 31, 2019, KDB will make a contribution-in-kind to Korea Shipbuilding &...
https://www.marineinsight.com/shipping-news/hhi-group-signs-definitive-agreement-to-acquire-dsme/
The merger between Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering is expected to boost the orderbook of LNG vessels, according to Vessels Value. The merger will double the orderbook of HHI from USD 6 billion to more than USD 12 million. In the possibility that the merger is official and finalized, the results will have reverberations in the newbuild market.
Specifically, the LNG area has lured a vast number of interest, following an increase in 2018 and continued...
https://safety4sea.com/a-possible-merger-between-hhi-and-dsme-to-boost-lng-vessels-orderbooks/
Hyundai Heavy Industries’ plan (HHI) to acquire Daewoo Shipbuilding & Marine Engineering (DSME) is experiencing difficulties, as union members of the two shipbuilders decided to start a strike to oppose to the possible takeover.
Namely, according to local media, the two unions protested in front of Korea Development Bank (KDB) headquarters, which is DSME’s largest stakeholder and creditor. This came only a day after, the HHI union went also strike to oppose the plan.
The reason why the unions...
https://safety4sea.com/hhi-dsme-workers-oppose-to-future-takeover/
The state-owned Korea Development Bank (KDB) signed an MoU with Hyundai Heavy Industries Co, the world’s largest...
Daewoo Shipbuilding’s labour is also concerned that the takeover will cause extended layoffs, something that Hyundai Heavy’s workers have also...
https://safety4sea.com/hyundai-heavy-workers-worried-over-dsme-takeover/
Mainly,...
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.
Aramco plans to investment more in refining and petrochemicals, in an attempt to limit its reliance on crude as demand for oil slows. For this reason, last year it announced plans to...
https://safety4sea.com/saudi-aramco-to-buy-20-stake-in-hhis-refining-subsidiary/