Industry

  • Hanjin gains legal ground for sale of shipyard in Subic
    Hanjin gains legal ground for sale of shipyard in Subic SEOUL -- Hanjin Heavy Industries & Construction, a mid-sized South Korean shipyard, gained a legal ground to facilitate the sale of its affiliate in the Philippines after a local court approved a rehabilitation program. Hanjin Heavy said Tuesday in a regulatory filing that a Philippine court endorsed the legal process of corporate rehabilitation for HHIC-Phil in Subic, a coastal municipality northwest of Manila. To reduce its debt, the parent company has sold non-core asse January 15, 2019
  • Hanjin shipyard in Subic files for rehabilitation program in Philippine court
    Hanjin shipyard in Subic files for rehabilitation program in Philippine court SEOUL -- The ailing Subic shipyard run by Hanjin Heavy Industries & Construction, a mid-sized South Korean shipyard, filed for a rehabilitation program in a Philippine court due to a prolonged business slump. The court would make a decision on the fate of the Subic shipyard. In a regulatory filing on Tuesday, Hanjin Heavy said that its affiliate, HHIC-Phil, based in Subic, a coastal municipality northwest of Manila, was in the legal process of corporate rehabilitation. T January 8, 2019
  • Hyundai auto group presents modest sales goal for 2019
    Hyundai auto group presents modest sales goal for 2019 SEOUL -- South Korea's Hyundai auto group presented a modest target for 2019 as sales last year were slower than expected at home and abroad amid concerns that domestic carmakers were losing competitiveness due to high production costs and an unfavorable external situation. In a regulatory filing on Wednesday, the group set this year's combined sales target at 7.6 million units -- 4.68 million by Hyundai Motor and 2.92 million by its affiliate Kia Motors. January 2, 2019
  • Daewoo shipyard settles troubled contract with Angolan oil company
    Daewoo shipyard settles troubled contract with Angolan oil company SEOUL -- Daewoo Shipbuilding & Marine Engineering (DSME) will deliver two drill ships for Angola's state oil company, Sonangol EP, by the end of March next year under an agreement on its delayed payment that has aggravated the shipbuilder's liquidity woes. DSME said Wednesday in a regulatory filing that it would deliver the first ship by the end of January and the second by the end of March. The price of each ship was set December 26, 2018
  • Hyundai shipyard achieves this years target of shipbuilding orders
    Hyundai shipyard achieves this year's target of shipbuilding orders SEOUL -- Helped by a domestic defense contract to build two 2,800-ton frigates, Hyundai Heavy Industries (HHI), the world's largest shipbuilder, achieved this year's goal of taking shipbuilding orders worth $13.2 billion. HHI said Thursday that it received an order to build two Batch-II frigates worth 633.5 billion won ($563.1 million). The frigates would be delivered by 2023. With the defense deal, the total value of HHI's accumulated orders stood at $13.3 billio December 13, 2018
  • Hyundai builds new fuel cell plant to produce 500,000 FCEVs in 2030
    Hyundai builds new fuel cell plant to produce 500,000 FCEVs in 2030 SEOUL -- South Korea's Hyundai auto group disclosed a new roadmap to expand the annual production of hydrogen fuel cell electric vehicles (FCEVs) to 11,000 units in 2020 and 500,000 in 2030. The group earmarked 7.6 trillion won ($6.7 billion) for the expansion of FCEV facilities and research. "We will lead the industry trend as the first mover," Hyundai's executive vice chairman Chung Eui-sun said Tuesday in a statement in the groundbreaking ceremony of th December 11, 2018
  • Hyundai shipyard wins Japanese order to provide ballast water treatment systems
    Hyundai shipyard wins Japanese order to provide ballast water treatment systems SEOUL -- Hyundai Heavy Industries (HHI), the world's largest shipbuilder, won an order from Japan's Imabari Shipbuilding to provide its HiBallast system which can filter and sterilize ballast seawater through electrolysis. Ballast water, used to stabilize the ship and maintain its optimal vessel speed, can contain bacteria, local plankton, mud and sand. HHI's HiBallast system treats seawater through electrolysis and its EcoBallast system use December 11, 2018
  • S. Korea earmarks $596 mln for safety of nuclear energy and waste
    S. Korea earmarks $596 mln for safety of nuclear energy and waste SEOUL -- South Korea's science ministry revealed a seven-year program to inject some 670 billion won ($596 million) in state money into the development of independent technologies related to the safe operation of nuclear power plants, the dismantlement of decommissioned reactors and waste management. The program calls for the acquisition of technologies for the prevention of radiation leakages as well as the safe tr December 10, 2018
  • K-water to build hydroelectric dam and power plant on Solomon Islands
    K-water to build hydroelectric dam and power plant on Solomon Islands SEOUL -- K-water, a state water resource development and management agency, will build a hydroelectric dam and a 15-megawatt power plant on the Solomon Islands by 2040 in a $210 million deal that would help ease a power shortage in a nation of hundreds of islands in the South Pacific. Construction will begin in October next year. K-water said Wednesday that it would build a hydroelectric dam on the Tina River about 19 km away from the nation's capital Honiara. The Tina Riv December 5, 2018
  • LS Industrial creates energy solution company in U.S. through acquisition
    LS Industrial creates energy solution company in U.S. through acquisition SEOUL -- LS Industrial Systems (LSIS), an electric power and industrial equipment producer, vowed to become a global player through preemptive investment after it acquired a division of Parker-Hannifin, a leading U.S. energy storage solution company. LSIS created a U.S.-based company, LS Energy Solutions, through the acquisition of Parker's Charlotte-based EGT (energy grid tie) division which provides multi-technology solutions. LS Energy Solutions would retain a December 5, 2018