Hyundai Robotics exchange shares to meet holding requirement

Hyundai Robotics Co., as part of a group-wide restructuring plan to act as a holding entity for non-shipbuilding units of Hyundai Heavy Industries, has exchanged new issues in its stock worth 1.77 trillion won ($1.57 billion) in return for shares in Hyundai Heavy Industries, Hyundai Electric, and Hyundai Construction Equipment.

The exchange – 4,382,817 in new shares at 403,687 won apiece which is 2.01 percent discounted from Monday’s closing of 412,000 won – had upset the existing shareholders. Shares of Hyundai Robotics ended Tuesday at 390,500 won ($345.9), 21,500 won or 5.2 percent down from the previous session.

In April, Hyundai Heavy Industries Co. was spun off into Hyundai Robotics, Hyundai Heavy Industries (HHI), Hyundai Construction Machinery, and Hyundai Electric & Energy System. Hyundai Robotics would be acting as the holding entity for the other three while HHI becomes entirely devoted to shipbuilding.

To meet with the guidelines for holding establishments, Hyundai Robotics must own 20 percent or more in its subsidiaries. The company currently owns 13.37 percent in the other three.

Once Hyundai Robotics increases its stakeholding in the other three, Chung Mong-joon, chairman of Asan Foundation who owns 10.15 percent in the four companies, would be able to command a stronger grip over management affairs through Hyundai Robotics.

The Original Posted By Yoon Jin-ho/Maeil Business Korea

Second DFDS RoRo Launched in Flensburg

Danish shipping and logistics company DFDS informed that Tulipa Seaways, the second roll-on/roll-off (RoRo) vessel built at German-based shipyard Flensburger Schiffbau-Gesellschaft, has been launched.

Following its naming which took place on June 9, the newbuilding was launched from the construction berth into the water to be completed alongside the quay. The superstructure, consisting of the bridge and accommodation facilities, are still to be added to the ship, the company said.
The ship is, along with its sister vessel Gardenia Seaways which was launched in February, expected to enter service on the Rotterdam – Immingham freight route. Gardenia Seaways will be handed over and enter service at the end of June and Tulipa Seaways in autumn.
“In spite of Brexit, we still see freight volumes on our North Sea routes growing, and we are confident that the ships will offer the capacity, reliability and a significantly improved quality of service,” Niels Smedegaard, CEO of DFDS, commented.
DFDS said it will take on both vessels under a bareboat charter contract. Last year, DFDS agreed with the Siem Group to bareboat-charter the two vessels for a five-year period, with a purchase option.
The design of the ship, developed in Flensburg, meets current environmental requirements, reducing fuel consumption and providing much better handling when loading and unloading in port, according to the company.
“The two newbuildings represent the first step in an ambitious newbuilding programme that will add considerable capacity to our North Sea Network over the next few years,” Smedegaard added.

http://www.ekomeri.com/second-dfds-roro-launched-flensburg/

Daewoo Shipbuilding Delivered Offshore Plant to Statoil as Scheduled

Daewoo Shipbuilding & Marine Engineering announced on June 12 that it delivered an offshore plant to Statoil, a multinational energy company, in accordance with their contract signed in 2012.  
The total value of the project rose from US$1.8 billion to US$2.7 billion after a change in its design and specifications. By delivering it to Statoil, Daewoo Shipbuilding & Marine Engineering completed the delivery of the second one of its five offshore plants scheduled to be delivered this year.
The fixed platform is an upper structure for crude oil production, has a weight of approximately 40,000 tons, and is capable of producing 2.5 million barrels of crude oil a month. The facility, which can endure the harsh conditions of the North Sea, is slated to be built on a continental shelf in that region.
At present, Daewoo Shipbuilding & Marine Engineering’s order backlog includes 10 offshore plants, two production facilities and eight drill ships to be specific. The company is planning to deliver the rest of the five scheduled to be delivered this year by October as scheduled.
The Original Posted by Jung Min-hee/Business Korea

http://www.ekomeri.com/daewoo-shipbuilding-delivered-offshore-plant-statoil-scheduled/

Korean dockyards win most new ship orders for 2 months

Hyundai Heavy Industries`s VLCC

South Korean shipyards ranked first in global ship order book for the second month in a row in May.
Korean shipbuilders last month won the biggest orders worth 790,000 compensated gross tons (CGTs) or 21 ships, according to U.K.-based industry monitor Clarkson Research Services Ltd. on Monday. China and Japan followed up with 17 ships worth 320,000 CGT and three orders equivalent to 80,000 CGT, respectively.
Suggesting pickup in global demand, total orders for ships amounted to 1.66 million CGT or 50 ships last month, doubling April’s 850,000 CGT or 34 ships.
Cumulative new orders over the first five months of this year reached 6.53 million CGT or 238 ships, up 650,000 CGT from the same period last year of 5.88 million CGT or 237 ships.
Korea came first in combined January-May weighted orders with 2.07 million CGT (57 vessels), outpacing China with 1.84 million CGT (101 vessels). Italy won 740,000 CGT and Finland 670,000 CGT. Japan ranked fifth with 380,000 CGT.
Global backlog amounted to 76.19 million CGT, down from last month’s 76.94 million CGT.
Korea recorded an order backlog of 17.49 million CGT as of May, up 150,000 CGT from April’s 17.34 million CGT.
Korea has become the second in backlog scoreboard after China.

The Original Posted By Moon Ji-woong/Maeil Business News Korea

http://www.ekomeri.com/korean-dockyards-win-new-ship-orders-2-months/

HSHI and IMM Private Equity Agree to Increase Pre-IPO Investment to KRW 400 Billion

Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), announced today it and IMM Private Equity, a leading Korean private equity firm, agreed to increase the pre-IPO investment to KRW (hereinafter ‘won’)  400 billion.

In April this year, HSHI and IMM Private Equity signed an agreement under which, HSHI will issue 5.36 million new convertible preferred shares and IMM Private Equity will pay 300 billion won in total to acquire the shares at 56,000 won per share.

It is reported that IMM Private Equity suggested increasing the investment in view of an array of investment inquiries it got from institutional investors after the April pre-IPO investment announcement. IMM Private Equity that already secured 50 billion won plans to acquire additional 50 billion won by the end of June.

An official from IMM Private Equity said, “We see the shipbuilding industry hit the historical low, and now is heading toward recovery. Bearing that in mind, it seems natural that investors are showing interests in making investment in HSHI, a leading shipbuilder.” For the first three months this year, HSHI recorded 734.3 billion won in sales and 43 billion won in operating profits, posting profits for fifth consecutive quarters on a non-consolidated basis. Moreover, by the end of May this year HSHI clinched 15 ships worth $1 billion including the world’s first four LNG-fueled 114,000 DWT ICE-Class IA aframax tankers from Sovcomflot.

Upon completing the 400 billion won pre-IPO investment, HSHI will lower its debt-to-equity ratio to 72.8%.
Source Hyundai Heavy Indurstries

http://www.ekomeri.com/hshi-imm-private-equity-agree-increase-pre-ipo-investment-krw-400-billion/

Diplomatic Spat in the Middle East Has East Asia Worried

Is the Diplomatic spat of major Arab countries with Qatar spreading to East Asia? Most main customers of Qatari liquefied natural gas concentrated in Asia. If the geopolitical problem in the Middle East continues for a long time, there is a possibility of LNG prices to go up.

On June 5, the eight Middle Eastern and North African countries including Saudi Arabia, Bahrain, and the United Arab Emirates declared that they would sever ties with Qatar over support for terrorist organizations.

The total volume of LNG exported by Qatar last year was 77.2 million tons, accounting for a third of the world’s supply. Of this, the share exported to Asia is 65.3 percent. In Asia, Taiwan and India rely more than 50 percent of LNG on Qatar. As for China, it’s LNG import from Qatar is second in the world after Saudi Arabia. Korea imports 37 percent of its LNG from Qatar. Japan, the world’s largest LNG importer, relies on 15 percent of its imports on Qatar.

The Original Posted by why@hankyung.com/

http://www.ekomeri.com/diplomatic-spat-middle-east-east-asia-worried/

SCR System

What is SCR?

SCR system (Stand for Selective Catalytic Reduction) is a means of converting nitrogen oxides, also referred to as NOx with the aid of a catalyst into diatomic nitrogen, N2, and water, H2O.
A gaseous reductant, typically anhydrous ammonia, aqueous ammonia or urea, is added to a stream of flue or exhaust gas and is adsorbed[citation needed] onto a catalyst. Carbon dioxide, CO2 is a reaction product when urea is used as the reductant.

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