Latest news with #HHI
Forbes
10 hours ago
- Business
- Forbes
Making Our Navy Supreme Again
Hyundai Heavy Industries Co., one of the world's largest shipbuilders, is leading the global shipbuilding industry. (Photo by Chung Sung-Jun/Getty Images) It's a true emergency: Our Navy is falling dangerously behind China's. Beijing has been relentlessly building up its naval power. Its purpose is simple: to make global commerce dependent on its goodwill. Freedom of navigation for international seaways has been a U.S. policy fixture for more than two centuries. China firmly intends to end freedom of the seas. It has built numerous islands in and near the South China Sea which are ocean-based military bases. The U.S. just stood by and let this happen. China has been bullying Filipino fishing vessels in international waters that China claims as its own. The message to Indo-Pacific nations: Kowtow to us politically, or your economic well-being will be in serious jeopardy. China now has more naval vessels than the U.S. does. Sure, we have qualitative advantages, but these will be transitory if we don't act quickly—and creatively. Our military shipbuilding is a shadow of what it should be, and our commercial shipbuilding is a farce. China has 700 oceangoing vessels, the U.S. fewer than 300. Chinese shipyards are the largest in the world. In 2023 they had 1,700 ships on order. U.S. shipyards had all of five. The cost of building a commercial vessel in the U.S. is almost five times what it costs in South Korea and Japan. More ominously, American technology lags theirs, and we lack the necessary skilled workforce. South Korea's largest shipbuilder is Hyundai Heavy Industries (HHI). The company is presently constructing a destroyer for Korea's navy that is much like our Aegis destroyers. However, HHI is doing so at less than half the cost and in far less time than the U.S. does. This destroyer is loaded with American parts and technology. As an HHI executive told the Wall Street Journal, 'This is basically a U.S. warship.' Hyundai shipyards are also building naval vessels for New Zealand, the Philippines and Peru. Clearly, the gap between the U.S. and China is too big to close. But there's a solution staring us in the face: Contract with the advanced shipyards in South Korea and Japan to build naval vessels. Of course, we must simultaneously move ahead to vastly improve U.S. shipbuilding. Recently, Huntington Ingalls Industries, America's largest military shipbuilder, and HHI signed a memorandum of understanding to examine opportunities for collaboration on accelerating ship production for defense and commercial projects. HHI and another major South Korean shipyard have received approval for repair and maintenance work on certain U.S. naval vessels. That's all well and good, but given the nature of our naval emergency, we must also start constructing vessels in South Korea and Japan. Under current law, foreign companies are banned from building U.S. naval and commercial ships. But President Trump could issue an exemption on national security grounds. To do its part, Congress should cement that ex- emption into law and should also repeal the Jones Act, a law that in the name of protecting American ship-building has ended up wrecking it.
Korea Herald
7 days ago
- Business
- Korea Herald
GATE Energy & HD Hyundai Heavy Industries Enter Strategic MOU for Offshore EPC & Commissioning Collaboration
HOUSTON, May 21, 2025 /PRNewswire/ -- GATE Energy and HD Hyundai Heavy Industries (HHI) have signed a Memorandum of Understanding (MOU) formalizing their intent to collaborate on offshore energy infrastructure projects, marking a strategic alignment between two leaders in engineering, procurement, construction, and commissioning (EPCC). Under the MOU, the two companies will jointly pursue Engineering, Procurement, Construction, and Installation (EPCI) opportunities in the offshore oil and gas sector, targeting global markets. HHI and GATE Energy will work together as strategic partners, leveraging their respective strengths in EPC and commissioning to deliver seamless project execution, with roles defined according to project-specific needs. Mark Myhre, President of Commissioning at GATE Energy, commented, "This MOU represents the next chapter in a strong and growing relationship between GATE and HHI. Our collaboration on the King's Quay and Shenandoah projects demonstrated what's possible when two organizations align in both technical expertise and delivery mindset. We're proud to formalize our intent to pursue future opportunities together, delivering value to clients across the offshore landscape." Jung-Ho, Park, Vice President of HHI, commented: " This MOU represents the next step in an already strong partnership built on mutual respect, technical excellence, and shared success. Through landmark projects like King's Quay, Shenandoah, and the ongoing Project, we have forged a collaborative framework that consistently delivers superior outcomes. Together with GATE Energy, we are committed to advancing the offshore energy sector by providing integrated solutions that enhance predictability and create lasting value for our clients worldwide." The agreement underscores a shared commitment to delivering turnkey solutions that enhance schedule predictability in complex offshore environments. Both organizations bring proven execution experience across floating production systems, with HHI's strength in hull and topside EPC delivery complemented by GATE Energy's commissioning and startup capabilities. Lee Jordan, CEO at GATE Energy, commented, " This agreement further builds on the deep working relationship between HHI and GATE Energy and positions us to jointly and efficiently deliver the next generation of facilities to the offshore energy industry." The MOU provides a general framework for future cooperation and information sharing, with the flexibility to align on specific tenders as opportunities arise. It also includes provisions for joint planning, resource integration, and the potential development of execution models tailored to developer requirements. About GATE Energy GATE Energy is a 100% employee-owned, global project delivery firm, with a mission to improve project certainty in an uncertain world. They help developers successfully deliver projects —from front-end due diligence and owner's engineering through construction management, turnkey commissioning, and initial startup. With a global footprint spanning North America, Asia, and Latin America—and decades of experience delivering both large and small projects—GATE Energy combines the scale of a multinational with the agility of a specialized partner that enables predictable project outcomes and safeguards project investments. For more information on GATE Energy, visit About HD Hyundai Heavy Industries HD Hyundai Heavy Industries (HHI) is a global leader in shipbuilding and EPC with extensive expertise across offshore platforms, FPSOs, FPUs, naval vessels, and large-scale energy infrastructure. Over its 50-year history, HHI has built a strong reputation for delivering complex projects with precision and reliability. Offshore & Energy Business Unit plays a pivotal role in advancing next-generation energy solutions. In addition to its proven capabilities in oil and gas, HHI is expanding its portfolio into eco-friendly energy, including offshore wind power, small modular reactors (SMRs), and carbon capture and storage (CCS) systems. Through these initiatives, HHI supports the global transition toward a low-carbon future.
CBC
06-05-2025
- Business
- CBC
5 things to know about South Korea's military submarine pitch to Canada
Social Sharing A pair of South Korean shipyards — usually fierce competitors — have teamed up on a $20-billion to $24-billion proposal to sell Canada 12 of the country's latest submarines, known as the KSS-III. The pitch was made in a detailed, unsolicited proposal to the federal government, delivered in early March just ahead of the federal election. CBC News was recently granted exclusive access to both Hanwha Ocean and Hyundai Heavy Industries (HHI) as well as senior South Korean defence officials. Canada has asked shipyards worldwide for expressions of interest in building the country's new submarine fleet. Companies in Germany, Norway and Spain responded in addition to the South Koreans. However, Hanwha Ocean and HHI went a step further and submitted a highly detailed proposal that not only proposed the sale of the KSS-IIIs, but the establishment of specialized maintenance facilities on both coasts. Here are five things to know about the KSS-III and the South Korean proposal. Missile, torpedo capabilities The KS-III is a diesel-electric attack submarine, capable of firing torpedoes and submarine-launched ballistic missiles (SLBM). It displaces about 3,600 tonnes. The South Korean Navy is planning to build nine of the boats in three batches. A total of three submarines have been launched and two have entered service. They have an estimated speed of about 12 knots on the surface and 20 knots while submerged, with a cruising range of 19,000 kilometres. CBC News saw the first two of the second batch of KSS-IIIs under construction at the Hanwha Ocean yard. Lithium-ion battery powered Rather than relying on traditional lead-acid batteries, the KS-III draws its power from lithium-ion batteries, which were developed by Samsung SDI. Hanwha Ocean officials in a background briefing claim the new batteries allow for greater cruising speed and longer submerged times. The company claims the boat can remain underwater for more than 21 days, which would be essential for Canada in the Arctic. Korea is only the second country in the world to power its subs with lithium-ion batteries. Japan was the first. Systems developed outside U.S. Hanwha Ocean officials say the combat-management system that controls the KS-III is all-Korean-designed — a key point given recent concerns expressed that the command-and-control system chosen for Canada's new frigates is made in the United States. They say Canada, should it purchase the submarine, would have a choice of integrating its own system, a foreign-purchased one or the existing Korean system. It could also purchase Korean-made torpedoes and missiles, rather than rely on United States or European weapons. WATCH | South Korea's pitch to Canada: South Korea wants to be Canada's new military supplier 2 days ago Duration 4:15 Highly automated Each of the KS-IIIs incorporate a high degree of automation and would operate with a standard crew size of 33 sailors. Although, there is room to embark as many as 50 crew members. There are three decks, which Hanwha Ocean officials emphasized would allow for mixed gender crews. The proposal submitted to Ottawa includes a detailed crew training plan that would see Canadian sailors given basic and tactical training in Korea while the boats are being constructed. The plan would be for a Canadian crew to sail the boat and be ready to conduct operations almost immediately. Delivery ahead of navy deadline The Royal Canadian Navy has set 2035 as the deadline for delivery of its first new submarine to replace the old Victoria class. Hanwha Ocean officials said Canada could have four submarines by that time, with the first one delivered between 2030 and 2032. The rest would follow every couple of years at intervals set by the Canadian government. The schedule is provided a contract is signed next year. The proposal also includes the notion of constructing one or two maintenance facilities in Canada — perhaps one on each coast. But that would be a decision of the Canadian government and the cost would be in addition to the $20-billion to $24-billion initial purchase of the boats. Hanwha Ocean officials said the deliveries would be on time and on budget with no surprises.
Yahoo
05-05-2025
- Business
- Yahoo
Warren, Waters urge Fed to reconsider Capital One-Discover
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Sen. Elizabeth Warren, D-MA, and Rep. Maxine Waters, D-CA, urged the Federal Reserve to reconsider its approval of Capital One's proposed $35.3 billion acquisition of Discover, according to a Thursday letter. The central bank's assessment insufficiently considered the transaction's effects on low-income consumers, competition and financial stability in the U.S., and failed to include relevant information from the Justice Department, Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau, the lawmakers wrote. Warren and Waters cite a Fed board rule under which the seven-governor panel may reconsider an application if it receives a written request to do so from 'any party to such application' within 15 days of a deal's approval. Warren and Waters – the ranking members of Senate Banking Committee and House Financial Services Committee, respectively – assert that because they submitted comments on the application, they qualify as parties. The board may deny reconsideration outright, but the lawmakers are asking that the governors vote on further action – perhaps banking that they break along party lines. The Fed board now has four Democrats and three Republicans. Warren and Waters lambasted the Fed's 'analysis, or lack thereof,' adding that the approval 'displayed a troubling lack of rigor with unsupported conclusions that ran counter to the factual record.' The lawmakers noted that the vast majority (91%) of the more than 6,100 public comments on the application opposed the deal. The Fed, in its order, said many were 'substantially identical form letters that raised concerns related to competition and financial stability generally.' Warren and Waters, however, said the board 'repeatedly parroted assertions made by Capital One in its application, instead of substantively grappling with commenters' analyses and the market realities of the transaction.' The lawmakers argued the Fed unwisely evaluated the competitive effects based on deposit market concentration. 'Treating the transaction as a traditional bank merger was deeply misguided,' Warren and Waters wrote. 'These are not two traditional banks – they are credit card giants. Discover does not even have bank branches.' The Fed's competitive effects analysis did not appear to take credit cards into account, the lawmakers wrote. For customers with no or limited credit history, the Fed found 'the post-merger [Herfindahl-Hirschman Index] would increase by 766 points to 1971 … and Capital One would control 40 percent of this segment,' the lawmakers wrote. The DOJ last year withdrew guidelines leaning heavily on HHI on the idea that the measure is outdated, Warren and Waters noted. But even using them, a transaction that boosts HHI by 200 points or scores above 1,800 generally has been flagged as anticompetitive, the lawmakers wrote. Warren and Waters threw doubt on the Fed's claims that it conducted a high-level analysis of the transaction's impact on credit card consumers. 'Nowhere in any of the competitive effects analyses did the Board even attempt to evaluate whether fees, credit availability, interest rates, or non-price harms like customer service would be impacted by the deal,' the lawmakers wrote. 'The Order reads like the Board had predetermined it was going to approve the transaction and either ignored relevant facts or explained them away with baseless assertions copied and pasted from Capital One's application.' Warren and Waters argued, too, that the Fed's analysis of community benefits 'primarily focused on each bank's past performance under the Community Reinvestment Act' but 'neglected to evaluate how the combined institution would serve communities on a going forward basis.' The central bank also 'ignored the facts outlined in the CFPB's 2025 lawsuit against Capital One for allegedly cheating millions of consumers out of more than $2 billion in interest,' the lawmakers wrote. 'Instead of evaluating the facts outlined in the CFPB's legitimate complaint, the Board buried in a footnote that the CFPB voluntarily dismissed the case (like it tried to dismiss 1,483 of its 1,690 staff),' Warren and Waters wrote in a reference to attempts by Trump-era leadership of the bureau to radically downsize itself. While on the subject of regulators, Warren and Waters noted that the Fed, in its approval order, acknowledged consulting with the FDIC and CFPB. However, 'it is not clear from the Order whether the information and analyses in these formal communications were part of the factual record and presented to the Governors in their review of the transaction,' the lawmakers wrote. They asked that the communications from the FDIC and CFPB to the Fed be made public. The lawmakers also requested that the DOJ's communication to the Fed during the Biden administration be made public. Warren and Waters also asserted the Fed underestimates the effect a Capital One-Discover combination would have on financial stability in the U.S. The resulting $637 billion-asset bank 'would not appear to result in meaningfully greater or more concentrated risks to the stability' of the U.S. financial system, the Fed concluded. Capital One, after the transaction, would be larger than Silicon Valley Bank, Signature and First Republic combined, Warren and Waters noted. 'When SVB acquired Boston Private two years before its failure triggered a banking crisis, the Board similarly concluded that 'this transaction would not appear to result in meaningfully greater or more concentrated risks to the stability of the U.S. banking or financial system,'' the lawmakers wrote. However, they fault the Fed for relying 'heavily on 'global' metrics of systemic risk,' rather than focusing on the U.S. 'Under this misapplied analytical approach,' the Capital One-Discover deal would be 'well below' the global systemically important threshold but 'would have a systemic risk score double SVB's,' Warren and Waters wrote. The lawmakers also asked that the Fed reevaluate the competitive effects of the deal using data from the first quarter of 2025, rather than mid-2024 or late 2023 – and that the central bank incorporate large-bank credit card and mortgage data recently published by the Philadelphia Fed. Further, Warren and Waters repeated, as a concern, recent efforts to drastically downsize the CFPB. 'The [Fed] cannot force the CFPB's Acting Director to run the agency lawfully, but it certainly can refrain from creating the largest credit company in the country at a time of massive uncertainty regarding the CFPB,' the lawmakers wrote. Warren and Waters also noted the Department of Government Efficiency's incursion at the FDIC as a development after the Fed considered the Capital One-Discover deal. 'Keeping Capital One and Discover separate makes them easier to resolve and somewhat mitigates the impact of the degradation of the FDIC's resolution capacity,' the lawmakers wrote.
Associated Press
28-04-2025
- Business
- Associated Press
Celebrating 30 Years of Delivering Hope and Health With FedEx
April 23rd, 1995. It's a date etched in the history of Heart to Heart International (HHI) and in the story of a powerful relationship. On that day, a FedEx aircraft made history as the first commercial American aircraft to land in Vietnam since the end of the conflict. The plane was carrying tons of medicines and medical supplies as a sign of friendship and goodwill between the two countries. Twenty years after the Vietnam War concluded, this monumental delivery of 45 tons of aid reached clinics, hospitals, and critical care facilities across Vietnam. Heart to Heart International focused its efforts on providing essential care to underserved women and children in rural and impoverished urban areas. The groundbreaking flight, facilitated with the support of many government officials, symbolized a pivotal moment in the relations between the United States and Vietnam As Le Van Bang, the Charge d'Affaires from the Vietnam Embassy, noted, 'We believe that the April airlift of $7 million in medicines was instrumental in influencing the President of your country to normalize relations with our country.' Read: How Do Heart to Heart International and FedEx Spell Relief? Beyond its immediate impact, this airlift served as the launchpad for a remarkable 30-year collaboration between Heart to Heart International and FedEx, a relationship that has since touched millions of lives with essential aid and support. Since that historic airlift in 1995, FedEx has consistently gone above and beyond in supporting our work, including participating in numerous airlifts to Vietnam, India and China. Building upon the foundation of those early airlifts, FedEx has continued as a vital partner in our disaster response work. Their reliable logistics have been instrumental in delivering vital medicines and supplies to communities impacted by disasters around the world. This relationship extends to the dedication of their team members have cheerfully contributed their time and energy to assemble hygiene kits, including during FedEx's 50th anniversary in 2023 when employees assembled hygiene kits with HHI in Memphis, Tennessee, and Pittsburgh, Pennsylvania. During the 2020 pandemic, FedEx played a critical role in shipping desperately needed PPE across the United States. Their innovative support even extended to the PGA Tour FedEx Cup, where they designed a golf shoe with the HHI logo to bolster our efforts. Looking beyond immediate crises, FedEx has invested in our long-term preparedness. Their support of our disaster response training program ensures that our teams are ready to deploy quickly and effectively when crises strike. Furthermore, their support has been instrumental in the success of our Mobile Medical Unit and Mobile Medical Van, enabling us to bring essential healthcare directly to those most in need. 'FedEx is invaluable to our global health efforts,' said Kim Carroll, HHI CEO. 'Their consistent and reliable support is essential – we wouldn't be able to do what we do without them. From disaster relief to ongoing needs, they are instrumental in delivering vital medicines and supplies to communities worldwide.' As we celebrate this remarkable milestone, we extend our deepest thanks to FedEx for their dedication and commitment to our shared mission of delivering hope and health around the world. We look forward to many more years of collaboration, working together to deliver for good. Click here to learn about FedEx Cares, our global community engagement program. Visit 3BL Media to see more multimedia and stories from FedEx
