Empty Shipyard and Suicides as “Hyundai Town” Grapples with Grim Future

By Hyunjoo Jin and Heekyong Yang ULSAN, South Korea, Aug 13 (Reuters) - When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary. But the 52-year-old was laid off in January, joining some 27,000 workers and … [Read more...]

LNG-Fuelled Very Large Ore Carrier Design Receives Class Approval

South Korean shipbuilder Hyundai Heavy Industries (HHI) has received approval in principle from classification society Lloyd's Register for a LNG-powered Very Large Ore Carrier.   The VLOC concept was developed through a joint project between Lloyd's Register, Hyundai Heavy, Anangel, as the shipowner, and LNG supplier Woodside. The goal of the project is to … [Read more...]

Hyundai Heavy to Build Five More VLOCs for Polaris Shipping

South Korean shipbuilder Hyundai Heavy Industries (HHI) has announced that it has signed a $400 million contract to build an additional five Very Large Ore Carriers (VLOCs) for Polaris Shipping. The newbuild order is the result of an option exercised following the contract for ten VLOCs of the same class with Polaris Shipping on September 25. The original order … [Read more...]

Oil Trader Vitol Places LPG Ship Order at Hyundai Heavy

SEOUL, July 30 (Reuters) - South Korea's Hyundai Heavy Industries Co has won a contract worth up to $600 million from Vitol, the world's largest independent oil trader, for as many as eight gas tankers. The world’s largest shipbuilder signed the contract on Sunday to construct two liquefied petroleum gas (LPG) tankers with a capacity of 84,000 cubic metres each. The ships … [Read more...]

Saudi Aramco Signs Deals to Build Persian Gulf’s Biggest Shipyard

By Reem Shamseddine KHOBAR, Saudi Arabia, May 31 (Reuters) - Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil. Low oil prices have drastically slowed Saudi Arabia's economy so it is trying to create manufacturing … [Read more...]