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Hyundai Heavy Industries: A Stand-out Investment Among Industry Peers

We maintain our 12m TP of KRW140,000 (12m fwd BVPS x 2.09x target P/B) on HHI, as our earnings estimate revisions offset change in total equity (12m fwd base period changed) and adjustments to 1y MSB yield (RFR) and 30y KTB yield (TGR). We maintain BUY, as the stock holds 27.9% upside (vs. Oct 28 closing price). Cyclical stocks unlikely to outperform amid economic downturn Shipbuilding stocks are cyclical, and the buzzword for global investors these days is “economic downturn,” so it seems stock performance will be tepid for now. ...

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Hyundai Shipyard’s lashing-free container ship secures design approval from international societies

The world’s first lashing-free container ship, designed by South Korea’s Hyundai shipbuilding group, has secured design approval from international societies. The ship does not require extra fixing work and uses a new concept device called “Portable Bench” that receives the load of containers stacked on the top of the deck and delivers it to the hull. Container lashing is the process of securing containers together on board a ship to prevent containers from moving from their places or falling off into the sea during rough weather or heavy winds. Traditionally, ...

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Senasa Ship Lift Operational After Conversion To Thordon’s Grease-Free Solution

The marine railway at the Senasa Shipyard in Mazatlán, Mexico is fully operational following a complete bearing change to Thordon’s grease-free ThorPlas-Blue bearings. The operator converted to ThorPlas-Blue to support increased workboat loads and to reduce shipyard downtime due to frequent emergency repairs to the original bronze bearings in the loading wheels of the ship cradle. Senasa Shipyard, a busy service station for workboats, shrimpers, trawlers, and patrol boats operating on Mexico’s Pacific coast, operates a 300-ton capacity marine railway, or patent slip, which uses a large cradle on rolling ...

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High manganese steel LNG fuel tank installed on container carrier at Daewoo shipyard

A liquefied natural gas fuel tank made of high manganese steel has been installed on a giant container carrier under construction at South Korea’s Daewoo shipyard. This is the world’s first dual fuel-powered container carrier carrying an LNG fuel tank using high manganese steel, which is an alternative material for cryogenic services. Daewoo Shipbuilding & Marine Engineering (DSME) said that a square-shaped high-manganese steel LNG fuel tank has been mounted inside a 24,000 TEU dual-fuel propulsion container. The twenty-foot equivalent unit (TEU) is an inexact unit of cargo capacity often ...

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China remains world’s top shipbuilder in first three quarters

China’s shipbuilding industry continued to lead globally in the first three quarters of this year, boasting the biggest international market share in terms of output and new and holding orders, official data showed. The country’s shipbuilding output reached 27.8 million deadweight tonnes in the period, accounting for 45.9 percent of the total globally, according to the Ministry of Industry and Information Technology. New orders in China’s shipbuilding sector took up 53.6 percent of the overall orders globally, while its holding shipbuilding orders accounted for 48 percent of the global total, ...

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Samsung Heavy Industries: 3Q22 Results Disappoint

We lower our 12m TP for SHI by 5.0% to KRW5,700 given lowered earnings estimates, change in total equity (due to change in debt), change in 12m fwd period and changes in yields for 1y MSB (RFR) and 30y KTB (TGR). We maintain HOLD, as our TP has limited upside of 7.8% (vs. last close). 3Q22 results disappoint SHI reported 3Q22 consol. (K-IFRS) revenue of KRW1.4tn (-5.7% YoY) and operating loss of KRW167.9bn (remain in red YoY; -12.0% OPM). Both revenue and OP significantly missed the market consensus. In 3Q22, ...

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Unionists of HHIG’s 3 Affiliates Vote for Strike Action

Hyundai Heavy Industries Group is coming out the tunnel of recession, but may be hobbled by the labor unions of its affiliates. The unionists of the group’s three affiliates have all voted in favor of strike action amid stalled wage and collective bargaining talks. Korea Shipbuilding & Offshore Engineering (KSOE), the group’s intermediate holding company, succeeded in turning a profit in the third quarter of this year thanks to an improvement in its order portfolio, steady cost cuts, and foreign exchange rate effects. Earlier, on Oct. 27, KSOE announced that ...

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HD Hyundai CEO Chung Ki-sun Discussed Business Expansion with Chairman Peter Thiel of Palantir Technologies

HD Hyundai (former Hyundai Heavy Industries Holdings) CEO Chung Ki-sun met with Co-founder and Chairman Peter Thiel of Palantir Technologies, the world’s no.1 big data company, to discuss new business development and overall business agenda. Hyundai Heavy Industry Group (HHI Group) announced on October 30 that CEO Chung had a discussion with Palantir Chairman Thiel at Yeouido Fairmont Hotel Seoul during the Chairman’s visit to Korea. They exchanged opinions about an upcoming joint venture (JV) between HHI Group and Palantir and the business development currently under bilateral cooperation. CEO Chung ...

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Grain ships sail despite Moscow’s pullout from deal; missiles rain on Ukraine

Ships brought grain from Ukrainian ports on Monday, suggesting Moscow had stopped short of reimposing a blockade that might have caused world hunger, despite suspending its participation in a U.N. programme to safely export grain from the war zone. Air raid sirens blared across Ukraine and explosions rang out in Kyiv, sending black smoke into the sky as Russia rained missiles down in renewed air attacks. Ukrainian officials said energy infrastructure was hit including at hydro-electric dams, knocking out power, heat and water supplies. Ukraine’s military said it had shot ...

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World’s largest container ship undocks from east China

The world’s largest container ship, the first of its kind made by China, undocked at the shipyard of Yangzi Xinfu Shipbuilding Co. Ltd. in Taixing City of east China’s Jiangsu Province on October 29. Each with a capacity of 24,346 TEUs (twenty-foot equivalent units), the two container vessels mark a new record set by the city in the world’s top ultra-large container ship construction field. The two ships will be delivered to the shipowner in February next year after completing follow-up outfitting and sea trials. Source: CGTN

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Union Risk Looming Large Again at Korean Shipbuilders

Union risk is looming large again in the Korean shipbuilding industry, as the unionists at the three affiliates of Hyundai Heavy Industries Group are each holding a strike vote. The three affiliates are Hyundai Heavy Industries, Hyundai Mipo Shipbuilding and Samho Heavy Industries. At Daewoo Shipbuilding & Marine Engineering (DSME), which is to be sold off to Hanwha Group, the labor union is showing a strong will to intervene in the management of the company, suggesting a rough road ahead for Hanwha’s acquisition of the troubled shipbuilder. The labor unions ...

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GTT: Nine-month 2022 revenues stand at €222 million, in line with expectations; strong order momentum continues

GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its revenues for the first nine months of 2022. Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With 134 LNG carrier orders, our core business during the first nine months of 2022 has broken all previous sales records, highlighting the continuation of particularly strong momentum. The surge in demand for LNG, particularly in Europe, is fuelling further demand for LNG carriers, underpinned by investment in liquefaction plants and increased ...

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Keel Laying For A Zero Emission Passenger Sailing Ship

The keel-laying of the zero-emission passenger sailing ship with electric motors as the main drive, took place at the Brodosplit shipyard. “Electric sailing ship” – the so-called three-masted schooner will be 63.50 meters long and 10 meters wide, with a height of 5.35 meters to the main deck. The hull and superstructure will be made of steel and the masts of aluminum alloy. When not under sail, the ship will be powered by two 150 kW electric motors, each fed by a system of batteries continuously charged from different sources. ...

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Toxic aircraft carrier dangerously drifting after weeks at sea

Three weeks have passed since the toxic aircraft carrier SÃO PAULO came back to Brazil after Turkey blocked its import and the Brazilian Environmental Agency IBAMA required its return. Yet, the vessel is still drifting more than 12 miles off the coast of the State of Pernambuco, while both the Brazilian Navy and IBAMA fail to demand and provide a safe haven to prevent potential harm to the marine environment. Alarmed by the presence of toxic materials within the structure of the SÃO PAULO, the State Environment Agency (CPRH) of ...

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ABS Approves Pioneering CO2 Injection System for HHI Group

A large scale, carbon dioxide (CO2) injection system from Hyundai Heavy Industries Group (HHI Group) has been awarded approval in principle by ABS, allowing development of an offshore floating geological storage platform. The one-million-ton injection system will allow for offshore CO2 storage in geological formations under the ocean floor and more than doubles the previous injection capacity, supporting development of the carbon value chain and global decarbonization goals. “Net zero cannot realistically be achieved without efficient carbon capture and storage technology. We are proud to work with innovators like HHI ...

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