South Korea's HMM to create joint venture with UAE firm to re-enter LNG market SEOUL, November 19 (AJP) - South Korea’s largest container carrier, HMM, is reentering the liquefied petroleum gas market after nearly a decade. The company said Friday it has partnered with B International Shipping & Logistics, a subsidiary of the United Arab Emirates–based BGN Group, to create a Singapore-based venture called HMMB INT Shipping Pte. Ltd. Each partner will hold a 50 percent stake. The new company plans to operate two very large gas carriers, each capable of transporting 88,000 cubic meters of LPG. The ships have already secured a 15-year transport contract with BGN’s trading arm, BGN INT DMCC — a deal that HMM described as providing a reliable commercial footing for its return to the sector. The vessels are being built by HD Hyundai Heavy Industries and are expected to be delivered in the first half of 2027. BGN Group, which handles roughly 14 million tons of LPG each year, operates a fleet of more than 40 LPG carriers. HMM once operated five such ships but exited the business in 2016 as part of a broader restructuring. The joint venture is a pillar of HMM’s broader efforts to expand its bulk shipping business and strengthen its foothold in low-carbon energy transport, including LPG and ammonia, under its 2030 mid- to long-term strategy. Earlier this year, the company acquired three medium-size LPG carriers in a bid to rebuild its gas portfolio. “This joint venture marks a strategic partnership with BGN Group to meet growing gas transport demand and expand cooperation in low-carbon, eco-friendly energy transport,” Jung Joon, head of HMM’s bulk division, said in a statement. BGN’s chief executive, Ozan Turgut, said the collaboration would enable both companies to pursue “a shared vision for decarbonizing the shipping industry,” adding that the new vessels would support the sustainable growth of BGN’s LPG operations. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:52:03

Hanwha Aerospace earns top global certification for R&D excellence SEOUL, November 12 (AJP) - South Korea's Hanwha Aerospace said on Wednesday that it has received the highest possible rating in a global assessment of research and development capabilities. The company earned a Level 5 certification under Version 3.0 of the Capability Maturity Model Integration, or CMMI, a global standard developed by Carnegie Mellon University’s Software Engineering Institute at the request of the U.S. Department of Defense. The designation represents a benchmark for advanced quality management and continuous improvement in complex engineering and software systems. Level 5 certification, rarely achieved even among top-tier defense contractors, indicates that Hanwha Aerospace operates with highly optimized R&D processes and a culture of systematic performance improvement, the company said. The certification covers the company’s core defense operations, including ground weapon systems, precision-guided munitions, and energy storage systems for submarines — all key components of South Korea’s growing defense export portfolio. “The quality of defense products is directly tied to national security, making rigorous management systems as vital as technical innovation,” Hanwha Aerospace said in a press release. “We will continue to strengthen our R&D management to become a trusted global defense partner.” Hanwha Aerospace has emerged as a central player in South Korea’s efforts to expand its defense and aerospace industries. The company supplies engines, propulsion systems, and precision components to both domestic and international defense programs, while also investing in next-generation technologies such as space launch vehicles and urban air mobility. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 14:09:07

HD Hyundai Heavy wins order for two mega container ships SEOUL, November 10 (AJP) - HD Hyundai Heavy Industries has secured an order worth 435.3 billion won for two large container vessels, strengthening its presence in the global market. The company said on Monday that it has recently signed a contract with Thailand's Regional Container Lines to build the vessels at its shipyard in Ulsan, with deliveries scheduled in phases through October 2028. The mega container ships, with a cargo capacity of 13,800 TEU (twenty-foot equivalent units), will measure 337 meters in length, 51 meters in width, and 27.3 meters in height. They will also be equipped with scrubbers to reduce emissions and improve fuel efficiency. Including the latest one, HD Hyundai Heavy has secured 61 orders so far this year, more than double the 28 ordered in 2024 and 29 in 2023. According to shipping service provider Clarksons Research, global demand for container ships is expected to grow by an average of 2.8 percent annually until 2037. Experts believe that the restructuring of global supply chains amid ongoing tensions between the U.S. and China will create new opportunities for domestic shipbuilders. An HD Hyundai Heavy spokesman said, "There has been strong demand for container ships thanks to our eco-friendly technology and stable quality control. To build on this momentum, we also aim to expand into new global markets. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-10 14:56:59

Korean court voids 'Hyundai' trademark held by Puerto Rico-based company SEOUL, November 05 (AJP) - South Korea’s Patent Court has invalidated the “Hyundai” trademark owned by Puerto Rico-based Hyundai Technology, ending a yearslong legal dispute over one of Korea’s most recognizable corporate names. The ruling, handed down in May, resolved a conflict that began in 2020 when Hyundai Technology filed suit over the use of the “Hyundai Connect” trademark. The case drew attention in South Korea’s business community for pitting two of the country’s leading industrial groups — Hyundai Motor Group and HD Hyundai Group — against a little-known overseas company using their shared legacy name. According to legal and industry sources, the two Hyundai groups began jointly pursuing legal action in 2023 to reclaim the disputed mark. The Patent Court ultimately sided with them, nullifying Hyundai Technology’s registration and ordering the company to pay legal costs. The “Hyundai” mark was originally filed by Hyundai Electronics in 1990 but changed hands several times before being acquired by Hyundai Technology in 2019. Hyundai Motor and HD Hyundai filed for invalidation later, arguing that the name had long served as a source identifier for the Hyundai corporate family and that its use by an unrelated foreign entity risked misleading consumers. The ruling also closes a chapter of lingering confusion that began after the breakup of the original Hyundai Group in the early 2000s. At the time, incomplete trademark divisions led to disputes over intellectual property rights, some of which ended up in the hands of companies overseas. In its decision, the court noted that “Hyundai” remains widely recognized worldwide as representing the South Korean conglomerate and its affiliates, emphasizing that unauthorized use could “cause confusion among consumers.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-05 17:15:27

HD Hyundai joins hands with Siemens to spur digital transformation in shipbuilding SEOUL, November 03 (AJP) - South Korea's HD Hyundai has signed a partnership with Siemens of Germany to bring digital transformation and automation technologies to the United States shipbuilding industry. The companies signed a memorandum of understanding on Monday at the Lahan Select Hotel in Gyeongju, the venue for the Asia-Pacific Economic Cooperation summit. The agreement calls for collaboration in digital ship design, process automation, and data-driven quality management aimed at improving efficiency and cutting costs in U.S. shipyards. Under the partnership, HD Hyundai will combine its global shipbuilding expertise with Siemens’ digital twin and business platform technologies, which allow virtual modeling of vessels and production lines before physical construction begins. The collaboration will focus on automating assembly and installation processes — core steps in ship construction — and reducing errors through predictive analytics. The initiative also includes a workforce development program. HD Hyundai plans to use Siemens’ 30 training facilities across the United States to provide hands-on instruction for shipbuilding specialists. The two companies will also work with universities, including the University of Michigan and the Massachusetts Institute of Technology, to design curricula on digital engineering, advanced manufacturing, and process automation. “Maximizing production efficiency through digital and automation technologies is crucial for rebuilding the U.S. shipbuilding industry,” HD Hyundai said in a press release. “Our shipbuilding expertise, combined with Siemens’ digital capabilities, will create new opportunities in the U.S. market.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-03 16:10:04

Shrinking bonuses and heavier taxes leave S. Korean workers frustrated ahead of Chuseok SEOUL, October 06 (AJP) - As the Chuseok holiday approaches, many South Korean workers are expressing dissatisfaction. Economic uncertainty has led to reduced bonuses and increased tax burdens, dampening holiday spirits. More Time Off, Fewer Bonuses According to a survey by the Korea Employers Federation of 625 companies with five or more employees, only 60.4% plan to give Chuseok bonuses this year, down from 64.8% last year. This means 40% of companies are not offering bonuses at all. Larger companies with over 300 employees are more likely to give bonuses (68.1%) compared to smaller ones (59.4%), but both figures have declined from last year. Most companies (89.3%) reported giving bonuses similar to last year, while only 7.6% increased them. Amid economic slowdown, companies are cutting costs by reducing bonuses and offering more time off instead. The survey showed 20.1% of companies plan to give employees more than 10 days off. Bonuses Shrink as Taxes Rise Even those receiving bonuses face disappointment as taxes reduce their take-home pay. For example, a 1 million won bonus is reduced to about 600,000 won after income tax and social insurance deductions. The income tax structure can cause a 'bonus paradox,' where a slight increase in taxable income raises the tax rate from 15% to 24%. To avoid taxes, some companies give gift certificates or gift sets, but these can also be taxed if considered income. While gifts are tax-free as welfare expenses, gift certificates are treated as cash compensation and taxed accordingly. Meanwhile, lawmakers continue to receive substantial holiday bonuses. This year, lawmakers received 4,247,940 won, based on public servant regulations, which is seven times the average worker's Chuseok bonus of 628,000 won, according to job platform Saramin. One lawmaker donated their bonus, criticizing the disconnect from public sentiment. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-06 15:42:18