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GTT receives an order from Hyundai Samho Heavy Industries for the tank design of two new LNG Carriers

GTT announces that it has received, at the end of July, an order from its partner the Korean shipyard Hyundai Samho Heavy Industries (HSHI) for the tank design of two new LNGCs1 on behalf of an European ship-owner. GTT will design the tanks of the vessels, which will offer a cargo capacity 174,000 m3 and will be fitted with the Mark III Flex membrane containment system, a technology developed by GTT. The vessels will be delivered in the first quarter of 2024. Source: GTT

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Hyundai shipyard launches joint project to develop liquefied hydrogen fuel tank for ships

South Korea’s Hyundai shipbuilding group launched a joint project to develop a liquefied hydrogen fuel tank for ships. The project aims to test-produce a fuel tank for small ships by the end of this year and before embarking on the development of tanks for large vessels. The advantage of liquefied hydrogen is its high density compared to compressed gas, which means that more energy can be contained in a given volume for easy transportation. The project involves Korea Shipbuilding & Offshore Engineering (KSOE) affiliated with the Hyundai shipbuilding group, the ...

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Container ship orders hits record amid soaring shipping fees

The total volume of new orders for container ships carrying freight has reached a record level ever in history this year. This comes as shipping companies are aggressively placing orders for new container ships as the fee for oceangoing freight hit an all-time high due to a soaring volume of international freight. According to Clarkson Research, U.K.-based the shipbuilding and shipping market survey agency, on Sunday, the total global volume of new orders for container ships amounted to 15,071,478 million CGTs (Compensated Gross Tonnage) for the first eight months of ...

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Shipbuilder Hyundai Heavy raises $935 mln after pricing IPO at the top of the range

South Korean shipbuilder Hyundai Heavy Industries has raised $935 million after pricing its IPO at the top of its indicative range, with much of the proceeds set to fund investments in new technology. It offered 18 million new shares or 20% of shares outstanding in a range of 52,000-60,000 won per share. It is expected to list on the KOSPI .KS11 on Sept. 16. Hyundai Heavy plans to use about 760 billion won ($660 million) of the proceeds to invest in future technologies, including eco-friendly ships and digital ship technology, ...

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Design of Hyundai shipbuilding group’s ammonia fuel supply system wins approval in principle

The conceptual design of a fuel supply system developed by South Korea’s Hyundai shipbuilding group for an ammonia propulsion system has won approval in principle from Korean Register (KR), a domestic maritime classification society. The system has a double leakage prevention system that can completely block even a very small amount of leakage to maintain a high level of safety. The system is a highly efficient eco-friendly facility that removes nitrogen oxides from exhaust gas by utilizing ammonia evaporative gas that is naturally generated during navigation, and uses residual evaporative ...

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HHI to use 70% of IPO proceeds to go green and automated

Hyundai Heavy Industries Co. (HHI), flagship shipyard under Korea Shipbuilding & Offshore Engineering (KSOE), plans to use two thirds of over $900 million raised from upcoming IPO to enhance sea leadership in green fuel and automation. HHI, the world’s largest shipbuilder based in Korea, vowed to invest 760 billion won to develop environmentally-friendly vessel technology, build smart shipyard infrastructure, and invest in offshore hydrogen production and delivery infrastructure, the company announced Thursday during its business outline ahead of its IPO. HHI will announce the pricing for 18 million new shares, ...

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HHI: Return of Global No. 1 Shipbuilder

HHI, the global number-one shipbuilder, is to be listed on the Kospi in September. Although it boasts superior competitiveness (versus rivals), its IPO price represents a lower P/B than the global peer group average. Noting a ship replacement cycle and strong environment regulations, our post-listing share price outlook is upbeat. IPO price: W52,000~W60,000 (P/B 0.8x~0.9x as of end-1H21) Hyundai Heavy Industries (HHI)’s upcoming IPO (Sep 16) is expected to raise capital of around W1tn. The listing price is to be in the W52,000~W60,000 range, a level equivalent to a P/B ...

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Hyundai Heavy readies to become first-mover for eco-friendly ships via W1.08tr IPO

Hyundai Heavy Industries announced a blueprint to usher in a paradigm shift in the global shipbuilding industry of its planned market debut on the South Korean main board Kospi on Sept. 16. The major shipbuilder here unveiled its vision of being a first mover for eco-friendly ships during an online press conference with reporters Thursday, while also detailing specific plans for its initial public offering. “Developing eco-friendly and digitalized vessels, constructing smart shipyards and investing in hydrogen infrastructure in the ocean are our three key businesses to achieve the vision,” ...

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Sovcomflot, NOVATEK and Far Eastern Shipbuilding and Ship Repair Center sign agreement to develop ship repair cluster in Russia’s Far East

On 1 September 2021, PAO Sovcomflot, SMART LNG (a joint venture between PAO Sovcomflot and PAO NOVATEK) and Far Eastern Shipbuilding and Ship Repair Center (FESRC, a subsidiary of Rosneft) entered into a trilateral agreement to cooperate on the development of a ship repair cluster in Russia’s Far East. The signing ceremony took place on the eve of the VI Eastern Economic Forum as part of a trilateral workshop at the Zvezda Shipbuilding Complex (Primorsky Region). The agreement was signed by: Andrey Shishkin, CEO of FESRC and Vice-President for Energy, ...

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HHI Group Develops Offshore Carbon Dioxide Injection Platform

Hyundai Heavy Industries Group announced on Aug. 31 that its two affiliates, Hyundai Heavy Industries Co. and Korea Shipbuilding & Offshore Engineering, have developed a Korean-type CO2 injection platform in partnership with Korea National Oil Corp. (KNOC). They obtained an approval in principle of the platform from DNV in Norway. Offshore carbon dioxide injection platforms store carbon dioxide transported from land through transport ships or pipelines under sea floors. The three companies developed the platform in order to store 400,000 tons of carbon dioxide per year under a gas field ...

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HHI’s employee share allotment oversubscribed, raising hope for successful debut

Shares reserved for employees of Hyundai Heavy Industries Co. (HHI) ahead of its initial public offering (IPO) were oversubscribed, setting the stage for a warm welcome to the new offerings of South Korea’s top shipbuilder. HHI set aside 3.6 million shares for its employees, 20 percent of its 18 million IPOs, and its workers applied for twice higher number of available shares in the preliminary subscription period last week, according to industry sources. The official employee subscription is on Sept. 7. The oversubscription could be a positive sign for successful ...

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GTT receives its first order for the tank design of a LNG Carrier from the Chinese shipyard Jiangnan

GTT announces that it has received in July an order from the Chinese Jiangnan Shipyard (Group) Co., Ltd. (“Jiangnan”) for the cargo handling system and tank design of a LNGC1 on behalf of the Chinese ship-owner JOVO. This is GTT’s first order for a membrane LNGC from Jiangnan, making the shipyard the second Chinese LNGC yard to construct a vessel with GTT technology. GTT will design the tanks of the vessel with a cargo capacity 79,800 m3. The vessel will be fitted with the GTT’s Mark III Flex membrane containment ...

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Chinese-built FPSO vessel takes to the waters in Brazil

A newly renovated floating production storage and offloading vessel (FPSO) built by a Chinese company has been put into operation and yielded oil for the first time at an oilfield operated by Brazil’s Petrobras. The vessel, currently the world’s newest, is the 10th FPSO modified by China’s Dalian COSCO Shipping Heavy Industry for Singapore’s MODEC and is a refit from the 300,000-ton VLCC supertanker Flan, 332 meters long, 58.04 meters wide, and boasting a draft of 31 meters. After being converted to FPSO, the vessel became a veritable “mega offshore ...

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Hyundai Heavy Industries: Attractive on All Fronts

We initiate our coverage of Hyundai Heavy Industries with BUY for a target price of KRW90,000, based on 12-month forward BPS of KRW65,815 and a target PBR of 1.34x. We applied a 10% premium to the peer average PBR to reflect: 1) the value of the marine engine business at KRW2tr; 2) plans for expansion into floating offshore wind power and green hydrogen markets; and 3) capability to maximize productivity during a boom in shipbuilding orders with the largest number of docks among peers. The IPO price translates into a ...

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Posco, four others join forces for liquid CO2 tanker

South Korean steelmaker Posco has forged a five-way partnership encompassing shipbuilders and ship registries to develop a liquid carbon dioxide carrier tanker, as part of its bid to gain an upper hand in the global transition to a net-zero economy, the firm said Sunday. Its four partners are Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register Asia and Liberian International Ship & Corporate Registry. According to the agreement, signed Friday in Seoul, the companies will cooperate with an aim of launching by 2025 the vessel with cargo capacity ...

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