South Korean shipbuilder Hyundai Heavy Industries on Wednesday (27 January) said it plans to invest KRW 1 trillion (USD 897.8 million) in more eco-friendly future businesses in preparation for the low-carbon energy transition.
The investment will be made over the next five years for the development of eco-friendly future ships, development of ‘green’ construction technology, and the construction of eco-friendly production facilities to strengthen its business competitiveness.
To this end, the currently unlisted company, Hyundai Heavy Industries, plans to issue and raise about 20% new shares within the year through IPO (public disclosure). Hyundai Heavy Industries is currently 100% owned by Korea Shipbuilding & Marine Engineering, an intermediate holding company within the group.
Through this investment, Hyundai Heavy Industries will develop eco-friendly ships in preparation for the low-carbon era such as hydrogen and ammonia powered ships, advanced smart ships for the future, autonomous ships, and advancing dual fuel propulsion ships.
In addition, the company plans to promote technology investment via M&A and the purchase of shares in companies possessing fuel cell-related technologies, and to lay the foundation for ESG (environmental, social, governance) management by building eco-friendly ships and investing in facilities.
This investment is for Hyundai Heavy Industries to secure competitiveness for the future market through preemptive investments as the shipbuilding industry recovers in earnest.
Related: Korean shipbuilding industry receives record number of LNG powered newbuilding orders
Related: HHI and DNV GL present green tanker solutions from joint research partnership
Related: South Korea: HMM signs MOU to demonstrate use of bio heavy oil as bunker fuel
Photo credit: Hyundai Heavy Industries
Published: 3 February, 2021
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.