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Hyundai Heavy Industries: Time to Go Back to the Basics

We maintain BUY and raise our TP by 8.0% (KRW125,000→KRW135,000; 12m fwd BVPS x 2.05x target P/B) for HHI to reflect changes to earnings estimates, ROE, 12m fwd base period and 1y MSB/30y KTB yields (used as RFR/TGR). Our TP offers 17.4% upside. After short-term fluctuations, stock price has returned to levels seen two months ago From Mar 21 to Apr 20, the stock surged 50.2%. The increase was linked to supply-demand dynamics, not fundamentals, thanks to inclusion to the MSCI Index, and the effect would dissipate between end-April and ...

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S. Korea: Workers Shunning Shipbuilding Companies

The number of regular employees of Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries fell from 27,392 to 26,328 in the first quarter of this year and from 28,166 in one year. According to industry sources, those who left the shipbuilders in the first quarter include a lot of those who opted to do so before the retirement age and their reasons include a dim future, high work intensity, and inadequate pay. The employee count decreased by 509 in Daewoo Shipbuilding & Marine Engineering, 431 in ...

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CGS-CIMB positive on Yangzijiang Shipbuilding awaiting shipbuilding execution results

CGS-CIMB Research analysts Lim Siew Khee and Izabella Tan have kept an “add” rating on Yangzijiang Shipbuilding with a lowered target price of $1.63 from $2.41. To the analysts, Yangzijiang’s strength now lies on its strong shipbuilding execution, attractive valuations of 6x CY2023 P/E, and potential higher dividend payout. Tan and Lim see comfortable room for higher dividend, and estimate the dividend payout of Yangzijiang’s historical shipbuilding to be in the range of 23%-35% or 1.65 cents-2.63 cents. “We adjust our valuation model for Yangzijiang, now based on a ‘carve-out’ ...

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GTT Receives An Order From Hyundai Samho Heavy Industries For The Tank Design Of A New LNG Carrier

GTT announces that it has been chosen, in April 2022, by its partner the Korean shipyard Hyundai Samho Heavy Industries for the tank design of a new LNG1 Carrier (LNGC) on behalf of a European ship owner. GTT will design the tanks of this new LNGC with a total LNG tank capacity of 174,000 m3and will be fitted with the membrane containment system Mark III Flex developed by GTT. The delivery of the vessel is scheduled for the fourth quarter of 2025. Source: GTT

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DSME Cancels an Order for an LNG Carrier

Daewoo Shipbuilding and Marine Engineering (DSME) announced on May 18 that it has canceled an order for an LNG carrier as the shipowner missed the payment deadline. DSME did not disclose the shipowner, but sources say that the client is Russia’s state-run energy company Novatek. In October 2020, Novatek placed an order for three LNG carriers worth 1.013 trillion won to promote the Arctic LNG-2 project, a large-scale LNG development project in Russia. DSME was slated to deliver the vessels to the client by the end of 2023. The orders ...

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KSOE and SHI Win Orders for LNG Carriers

Korea Shipbuilding & Offshore Engineering (KSOE), the shipbuilding holding company of Hyundai Heavy Industries Group, announced on May 17 that it has signed a contract with an Asian shipping company to build four large liquefied natural gas (LNG) carriers. Samsung Heavy Industries (SHI) also announced on the day that it has won an order for three LNG carriers from a shipping company in Africa. The four vessels won by KSOE are 174,000 cubic meters each. Hyundai Heavy Industries and Hyundai Samho Heavy Industries will each build two of them for ...

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GTT obtains an order from Hyundai Heavy Industries to design the fuel tanks for six new LNG-fueled container vessels

GTT has been chosen in April 2022 by its partner the Korean shipyard Hyundai Heavy Industries to design the cryogenic fuel tanks of six Liquefied Natural Gas (LNG) fueled container vessels. These six vessels will have a capacity of 7,900 containers each and will be equipped with LNG tanks, holding up to 6,000 m3 of LNG used as fuel. The tanks will be fitted with the Mark III Flex membrane containment technology, developed by GTT. LNG is today the marine fuel of choice option to preserve air quality, a major ...

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China: Shipbuilders to witness fast growth on soaring demand

China’s shipbuilding industry will enter a high-growth period this year, driven by the soaring demand of foreign shipowners, and their moves to adopt new vessels with green and high-efficiency engines to meet international demand for lower carbon emissions, said industry officials and shipbuilders. The country’s shipbuilders saw holding orders soar 26.3 percent on a yearly basis to 99.1 million dead weight tons in the first quarter of this year, accounting for 47.3 percent of the world’s total, data from Beijing-based China Association of the National Shipbuilding Industry (CANSI) showed. He ...

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DSME’s loss widens in Q1 on year to $368 mn from cost hikes

Daewoo Shipbuilding & Marine Engineering (DSME) reported a consolidated operating loss of 470.1 billion won ($368 million) for Q1 2022, widened from 212.9 billion won a year ago due to a jump in prices of steel plates used for shipbuilding and advanced reflection of 400 billion won reserves for possible losses from rising manufacturing cost. Revenue rose 13% on year to 1.2 trillion won, while net loss came to 491.8 billion won. DSME, however, expects recovery in earnings after having secured $4.61 billion worth of shipbuilding orders during the first ...

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Korea’s Hyundai Mipo Dockyard sweeps up global orders in midsized vessels

Hyundai Mipo Dockyard under Hyundai Heavy Industries Group has been sweeping global orders for mid-sized product carriers (PCs) and liquefied petroleum gas (LOG) carriers, which cost 30~40 percent more than average container vessels. Hyundai Mipo Dockyard, including its operation in Vietnam, won 38 vessels out of 65 orders for PCs of between 22,000~55,000 DWT (deadweight tonnage) until April this year. It dominated 19 out of 22 LPG carriers ranging from 20,000 to 45,000 CBM and eight out of ten roll-on/ roll-off vessels. The shipbuilder’s top position in the international shipbuilding ...

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Mitsubishi Shipbuilding and NYK Line Obtain Approval in Principle (AiP) from Classification Society ClassNK for Large LCO2 Carrier

Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group, and Nippon Yusen Kabushiki Kaisha (NYK Line) have been granted Approval in Principle (AiP)(Note) from the Japanese classification society ClassNK for joint development of CO2 transport technology for liquefied CO2 (LCO2) carriers. LCO2 carriers transport liquefied CO2 at low temperature and high pressure, which is contained in the cargo tank system. Since the design of cargo containment system depend strongly on the condition of liquefied CO2 such as their temperature and pressure, it is an important technical development issue to ...

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Asia’s biggest ship recycling yard witnessing antithetical situation

Asia’s biggest ship recycling yard situated at Alang on the western coast of Gujarat is witnessing an antithetical situation as ship breakers here have dismantled higher numbers of ships during the year 2021-22, but they could handle nearly 3.5 lakh less tonnage compared to previous year. As per the data of Gujarat Maritime Board (GMB), a regulating authority for the Alang ship recycling yard, 209 ships were dismantled at Alang compared to 187 ships during the previous year 2020-21. However, the yard handled 14.11 lakh light displacement tonnage (LDT) during ...

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DESMI opens 2nd office in Africa – DESMI Nigeria is established

We have sold our solutions to Nigeria for more than 20 years – and it is now time to take further steps into the Nigerian market being even closer to our customers and partners. Speaking to Leslie P. Andrews, Managing Director of DESMI Africa, you can feel the enthusiasm and good mood. This is another solid step for the DESMI Group into the African market, which has been served and supplied with solutions from DESMI for decades. “We are happy. The Nigerian market is a huge market to service, and ...

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Damen FCS 7011 Aqua Helix nominated Offshore Energy Vessel of the Year

The FCS 7011 can sail at speeds up to 40 knots, even on rough seas, while the Axe Bow will reduce slamming and pitching considerably, keeping passengers fit and comfortable. This is how Aqua Helix provides fast offshore crew transport in comfort. The vessel has a 120 passenger capacity. All of the passengers get a roomy, adjustable chair with thick cushions to be able to relax and arrive at destination well rested. The motion compensated Ampelmann gangway makes boarding and offboarding at sea, when the ship is stationary alongside a ...

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Carbon Dioxide Carrier Emerging as New Growth Driver for Shipbuilders

With carbon neutrality becoming an increasingly important issue worldwide, an increasing number of shipowners are making carbon dioxide carrier-related inquiries to major South Korean shipbuilders. For example, EcoLog, a startup in the field of carbon capture, utilization and storage (CCUS), recently made such inquiries to Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries. According to industry sources, Ceres Shipping is expanding its business in the industry via the startup. EcoLog is planning to procure 60 carbon dioxide carriers by 2035 in order to transport ...

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