Hyundai Samho secures PCTC quartet （2015-04-25）
Korean shipbuilder Hyundai Samho Heavy Industries has secured an order for up to four pure car/truck carriers (PCTCs) from Oslo-based Norwegian Car Carriers (NOCC). The two firm 6,500 ceu vessels are scheduled for delivery in 4Q16 and 1Q17 with two options also attached to the order. Sources indicat... |
HMM cancels Newcastlemax orders （2015-04-25）
Hyundai Merchant Marine (HMM) said on 24 April it has cancelled two Newcastlemax dry bulk carriers that it ordered in 2013. South Korea’s second-biggest shipping company explained in a Korea Exchange filing that it placed the orders on the basis of securing long-term shipping contracts. “Since then,... |
GasLog tightens BG ties （2015-04-21）
NYSE-listed GasLog will charter up to nine LNG carrier newbuildings to the BG Group, which is in the process of being acquired by Royal Dutch Shell. GasLog announced on 21 April that BG will charter three previously ordered newbuildings for an average of 9.5 years, commencing in mid-2018 and early 2... |
Chevron requests change to Rosebank FPSO （2015-04-14）
US oil major Chevron has requested an alteration to the Rosebank FPSO under construction at Hyundai Heavy Industries (HHI). This was confirmed by HHI, the world’s biggest shipbuilder, in a Korea Exchange filing on 10 April. HHI clinched the Rosebank FPSO order in April 2013. It was due to be ready o... |
Analyst: SHI needs to win offshore orders （2015-04-13）
The lack of offshore orders would hurt Samsung Heavy Industries' (SHI's) earnings as South Korea's second-biggest shipbuilder is unlikely to hit its 2015 order target, said an analyst. In the first quarter of 2015, SHI has clinched USD2.3 billion worth of orders, amounting to 15% of its 2015 order t... |
Ocean Yield buys eight chemical tankers （2015-04-02）
Norwegian-listed Ocean Yield says it has agreed to acquire eight chemical carriers for a total of USD307.8 million. At the same time, the investment company has signed 15-year ‘hell and high’ bareboat charters [meaning hire is payable unconditionally] to Navig8 Chemical Tankers. “The first four vess... |
KSS Line seals another deal with Trammo Gas （2015-03-30）
South Korean LPG and chemical shipping specialist, KSS Line, said on 26 March that it has sealed another timecharter contract with a subsidiary of Houston-based ammonia trader, Trammo Gas. KSS Line, led by CEO Lee Dae-sung, said Trammo Gas' subsidiary, Trammo Navigation, has agreed to charter a 38,0... |
HMD wins repeat PCTC deal （2015-03-27）
Korea’s Hyundai Mipo Dockyard (HMD) has won a new order for two pure car and truck carriers (PCTCs) from Israel-based Ray Car Carriers. The order for the two 7,700 ceu capacity PCTCs is valued at KRW172.6 billion (USD156.1 million) with delivery scheduled during the first half of 2017. They will be ... |
SHI secures Delta Suezmax pair （2015-03-27）
South Korean shipbuilder Samsung Heavy Industries (SHI) has secured an order for two Suezmax tankers from Greek shipowner Delta Tankers. The two newbuildings are scheduled for delivery in October and December 2016. These early delivery slots have led Delta to move away from its favoured yard of Hyun... |
Shina yard poised to hear its fate （2015-03-24）
South Korean shipyard Shina Shipbuilding (Shina SB), which is under court receivership, will know its fate within days, as the court decides to either extend the company's receivership period or declare it bankrupt. Shina SB, which was once one of the world's 10 largest shipyards, had been under a d... |
Unlisted shipbuilders face lower order activity （2015-03-24）
South Korea’s unlisted shipbuilders will become less aggressive in order activity, an analyst has predicted in a research note. Samsung Securities analyst Youngsoo Han said, 'Most shipbuilding contracts are based on a heavy-tail payment scheme, so shipbuilders are responsible for working capital. Si... |
Limited recovery predicted for Doosan Engine （2015-03-12）
Although shares in South Korea's Doosan Engine have rallied this year on expectations of more orders and turnaround in operating profit, further upside will be limited, according to an analyst's research note. After visiting the company, Samsung Securities analyst Han Young-soo said, 'Doosan Engine ... |
ULCS demand not enough to revalue Korean shipbuild （2015-03-10）
Although shippers intend to order ultra-large container ships (ULCSs) in which Korean shipbuilders command high market shares, the new orders are insufficient to raise earnings forecast for them, said an analyst in his research note. Samsung Securities analyst Young-soo Han said, 'Maersk at end-2014... |
KEXIM to fund HMM's KEPCO Capesizes （2015-03-10）
A fund created by the Export-Import Bank of Korea (KEXIM) will provide financing for four Capesizes that Hyundai Merchant Marine (HMM) is building for an 18-year consecutive voyage charter to Korea Electric Power Company (KEPCO). In mid-2013, HMM had formed a consortium with Pan Ocean to bid for the... |
Hyundai Samho secures AMPTC suezmax pair （2015-03-10）
South Korean shipbuilder Hyundai Samho has secured an order for two suezmax tankers from returning Kuwait-based Arab Maritime Petroleum Transport Co (AMPTC). The two 144,000dwt newbuildings are scheduled for delivery in 2017 and brokers indicate a cost of about USD70 million each. AMPTC is a regular... |
Korean shipbuilders unlikely to lead industry reco （2015-03-09）
Although the global shipbuilding industry has entered a recovery period thanks to more shipbuilding orders than deliveries, South Korea's players might not benefit the most from the boom, said an analyst in a research note. Samsung Securities' Han Youngsoo said, 'After shipbuilding prices plunged 34... |
Aurora LPG Nets USD 200m Loan for Its Newbuildings （2016-01-22）
Oslo-listed Aurora LPG Holding ASA has concluded a USD 200 million loan facility with ABN AMRO Bank N.V. (ABN) and Korea Eximbank (Kexim). The loan has been secured for four vessels under construction at South Korean shipbuilder Hyundai Heavy Industries, the Norwegian LPG tanker owner said.
“Wit... |