Latest news with #HDHyundaiSamho
Korea Herald
25-05-2025
- Business
- Korea Herald
Posco International launches first LNG carrier to strengthen energy logistics
Posco International, the trading and energy arm of Posco Group, held a naming ceremony on Friday for the group's first proprietary liquefied natural gas carrier, the HL Fortuna, at HD Hyundai Samho in Mokpo, South Jeolla Province. Named after the Roman goddess of fortune, the vessel marks a major milestone in Posco's strategy to reinforce its energy logistics infrastructure. As global energy supply chains grow increasingly volatile, the introduction of a dedicated LNG carrier is expected to provide a more stable and efficient transport solution. The project is a joint effort across the energy, shipbuilding and shipping industries: Posco International oversees LNG procurement and operations, HD Hyundai Samho constructed the vessel and H-Line Shipping will handle its operations. HL Fortuna is a 174,000-cubic-meter class LNG carrier capable of transporting approximately 78,000 tons of natural gas per voyage — enough to supply South Korea for 12 hours. The vessel is equipped with a dual-fuel propulsion system powered by LNG and a high-efficiency re-liquefaction system that recaptures evaporated gas during transit to minimize fuel loss. Scheduled to enter service in the second half of 2025, the HL Fortuna will make more than five round trips annually between Korea and the United States. In 2026, it will begin loading LNG at the Cheniere Terminal in Louisiana under Posco International's long-term procurement contracts. The company has also secured a major supply agreement with Mexico Pacific for an additional 700,000 tons of LNG annually. To support these contracts, Posco International plans to expand its fleet of dedicated carriers, further strengthening its integrated LNG value chain — from production and import to storage and power generation. 'The new LNG carrier strengthens our full LNG value chain and enhances our ability to respond to global protectionism. We plan to secure more carriers to improve supply stability and trading efficiency,' a Posco International spokesperson said.
Korea Herald
21-05-2025
- Business
- Korea Herald
Korean port cranes emerge as bargaining chip in US tariff talks
HD Hyundai, Doosan Enerbility, and HJ Heavy Industries gain traction as US seeks alternatives to Chinese port cranes Port cranes have surfaced as Korea's next bargaining chip in tariff negotiations with the United States in the wake of the Trump administration's efforts to phase out made-in-China cranes at US ports. The US Trade Representative announced a plan last month to impose tariffs of up to 100 percent on ship-to-shore, or STS, cranes and cargo handling equipment made in China or built using Chinese parts, emphasizing the need to reduce America's reliance on Chinese maritime infrastructure and address national security concerns. According to a report by the US Select Committee on the Chinese Communist Party, Shanghai Zhenhua Heavy Industry, or ZPMC, the world's largest STS crane manufacturer, run by the Chinese government, accounts for almost 80 percent of the STS cranes used at US ports. The report added that there were no domestic manufacturing alternatives for STS cranes in the US. The US has openly mentioned Korea's shipbuilding sector as an area where it seeks cooperation while it continues to push for the revitalization of its own shipbuilding industry. On top of the shipbuilding sector, Korea is poised to support the Trump administration's 'Make America Great Again' agenda with US domestic port crane manufacturers. To this end, HD Hyundai, which operates the world's largest single shipyard at its HD Hyundai Heavy Industries' Ulsan site and boasts significant crane manufacturing capacity, has emerged as a key player. HD Hyundai Vice Chairman Chung Ki-sun discussed affiliate HD Hyundai Samho's crane manufacturing capabilities with US Trade Representative Jamieson Greer on Korea's Jeju Island last week. According to HD Hyundai, Chung specifically talked about the dominance of Chinese port cranes in the US and proposed strengthening cooperation between Korea and the US to expand related supply chains in the US. 'The US certainly appears to be interested in Korea's crane manufacturing capabilities,' said an industry official. 'We think there is a good chance of port cranes being on the table for the tariff negotiations.' In addition to the STS cranes, HD Hyundai Samho is capable of producing rubber-tired and rail-mounted gantry cranes. The crane manufacturer has scored a series of crane orders at Korean ports, including a 179.6 billion won ($129.5 million) deal in Busan last year and a 206 billion won contract in Gwangyang this year. HD Hyundai Samho, which accounted for about 3.6 percent of the global port crane market share in 2023, is considering expanding production capacities in the future to bolster its global presence. Doosan Enerbility has been ramping up its port crane business activities in Vietnam through its local office, Doosan Vina. As of May last year, Doosan Vina had produced 132 cranes for various port operators in India, Indonesia, Singapore and Vietnam. HJ Heavy Industries scored a 187 billion won contract to supply 34 cranes to the Busan New Port last year. The shipbuilder and crane manufacturer is also exploring entry into the US market. Industry watchers have raised the possibility of Korean companies setting up a complete knockdown, or CKD, site in the US to deliver unassembled parts and make the final product there, as establishing a new manufacturing plant in the US might be too costly in the beginning. Paceco, a US subsidiary of Japanese manufacturing conglomerate Mitsui E&S, secured an order to supply eight cranes for the Port of Long Beach in California last year.
Zawya
29-04-2025
- Business
- Zawya
Qatar: Nakilat reports $118.9mln Q1 net profit, up 3.2%
Qatar Gas Transport Company (Nakilat) achieved a net profit of QAR433 million ($118.92 million) for the first quarter of 2025, ended March 31, marking a 3.2% increase from QAR420 million recorded in the same period of 2024. This robust performance underscores Nakilat's resilience and strategic success in a dynamic global market, the company said. Incurred total expenses of QAR673 million, reflected a decrease of 5.7%. This sustained growth is attributed to Nakilat's strategic fleet expansion, operational excellence, and unwavering commitment to delivering clean energy worldwide. Despite a challenging economic landscape marked by uncertainty and elevated interest rates, Nakilat has solidified its industry leadership, leveraging long-term agreements and optimizing fleet utilization to drive efficiency and profitability, it said. Eng Abdullah Al-Sulaiti, Chief Executive Officer of Nakilat, commented: "Nakilat's strong financial performance for the first quarter of 2025 highlight the success of our strategic vision and dedication to excellence. As we expand our fleet and enhance our capabilities, Nakilat continues to strengthen its standing as a global leader in the LNG shipping industry. The addition of new technologically advanced vessels and our long-term partnerships ensure we remain at the forefront of the evolving energy transportation landscape. We remain focused on sustainable growth, operational efficiency, and delivering long-term value to our shareholders and stakeholders." Nakilat's expansion strategy is further strengthened by its commitment to sustainable energy transportation. The company remains on track with its newbuild programme, which includes state-of-the-art LNG carriers and LPG/ammonia gas carriers under construction, marked a significant milestone with two steel cutting ceremonies for a total of ten of its new LNG carriers and four LPG/ammonia gas carriers at Hanwha Ocean and HD Hyundai Samho shipyards in South Korea in March 2025. – Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
16-03-2025
- Business
- Zawya
Nakilat commences construction of 6 new vessels at HD Hyundai Samho shipyard
Doha, Qatar – Qatar Gas Transport Company (Nakilat), a global leader in LNG shipping and maritime transportation, celebrated a significant milestone with the steel cutting ceremony marking the commencement of construction of six gas carriers at HD Hyundai Samho (HSHI) shipyard in South Korea. This milestone is part of Nakilat's strategic fleet expansion, reinforcing its commitment to meeting the growing demand for safe and efficient gas transportation. The ceremony was attended by senior officials from Nakilat, HD Hyundai Samho, along with distinguished guests, who witnessed the official commencement of construction for two cutting-edge LNG carriers and four modern LPG/ammonia gas carriers. The LNG carriers, each with a capacity of 174,000 cubic meters, and the LPG carriers, with a substantial capacity of 88,000 cubic meters each, are scheduled for delivery between 2026 and 2027. Commenting on the occasion, Eng. Abdullah Al-Sulaiti, Chief Executive Officer of Nakilat, stated: 'This milestone underscores Nakilat's dedication to expanding its world-class fleet and supporting Qatar's leadership in global gas supply. Our investment in these advanced vessels highlights our dedicated focus on operational excellence, sustainability, and the adoption of cutting-edge maritime technologies, enabling us to provide innovative and flexible shipping solutions to meet the evolving needs of the global energy shipping sector.' The new vessels will feature state-of-the-art propulsion systems and fuel-efficient technologies, aligning with the company's commitment to eco-conscious shipping solutions. By integrating the latest advancements in energy efficiency and environmental sustainability, Nakilat remains committed to playing a pivotal role in LNG and LPG transportation, contributing to the evolving energy landscape while upholding the highest standards of safety, reliability, and environmental responsibility. -Ends- ABOUT NAKILAT Nakilat is a Qatari Public Shareholding Company which is originally listed on the Qatar Stock Exchange in 2005. As a shipping and maritime company, Nakilat provides an essential transportation link in the State of Qatar's LNG supply chain. Its LNG shipping fleet is one of the largest in the world, comprising of 69 LNG vessels. Nakilat also owns and manages one FSRU and four large LPG carriers. Nakilat operates the ship repair, industrial and offshore fabrication facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via strategic joint ventures: Qatar Shipyard Technology Solutions and QFAB. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters. For more information, visit: For media inquiries, please contact:Mr. Shammi Mohan, Head of Public Relations smohan@
