Hyundai Samho Heavy Industries
|Type||Public (Hangul: 현대삼호중공업, Hanja: 現代三湖重工)|
|Headquarters||Samhoeup, Yeongam, South Jeolla, South Korea|
|Key people||Byung Wook Oh (CEO)|
|Products||Ship, Crane & Bulk Handling System, Ocean Plant & Instrument|
|Parent||Hyundai Heavy Industries Group|
|Hyundai Samho Heavy Industries|
|Revised Romanization||Hyeondae Samho Junggongeop|
|McCune–Reischauer||Hyŏndae Samho Chunggongŏp|
|This article needs additional citations for verification. (March 2012)|
Hyundai Samho Heavy Industries Co., Ltd. (English abbreviation : HSHI, Hangul : 현대삼호중공업/Hyundai Samho Junggongup/, Hanja : 現代三湖重工業) is the world's 4th largest shipbuilder and produces approximately 40 vessels per year. Its yard is located in Samho-eup, Yeongam, South Korea.
The company was first established with a name of 'Incheon Shipbuliding(인천조선)' in 1977 as a subsidiary company of Halla Group(한라그룹). (The founder of 'Halla group' was Chung In-Young the younger brother of Chung Ju-Yung, the founder of Hyundai Group) The first ship building dock was constructed in Incheon(인천), South Korea. In 1990, the company changed its name into 'Halla Heavy Industries'(한라중공업) and moved the dock yard from Incheon to Samhoup which is located in Yeongam, South Jeolla Province. (total 3,300,000 square metres of land)
In 1997, during the Asian Financial Crisis, the mother company Halla group (was ranked 12th in terms of equity at that time) has fallen into bankruptcy, bringing its affiliates into the slump as well. In this chaos, Halla Heavy Industries had filed for bankruptcy protection. The Korean Government decided to consign the company's management to Hyundai Heavy Industries for 5 years. The condition was selling the company to Hyundai Heavy Industries when the company restore its financial state.
In 1998, RH Heavy Industries (Rothschild Halla Heavy Industries), a temporary company which inherited only the assets and debt from Halla Heavy Industries, has been established. In 1999, RH Heavy Industries changed the name into 'Samho Heavy Industries' and in 2003, it finally changed the name into 'Hyundai Samho Heavy Industries' after the acquisition of Hyundai Heavy Industries in 2002. Today, Hyundai Heavy Industries owns 94.92% of the company's stock.
The company's formal establish year was 1998, because the company was formally re-established as RH Heavy Industries in 1998 when Rothschild temporarily bought the company.
After the purchase by Hyundai Heavy Industries, Hyundai Samho Heavy Industries has experienced rapid growth both internally and externally. In 2004, only 2 years after the take over of Hyundai Heavy Industries, the company has recorded $1 billion of overseas sales. In 2006, the company built a hull of a FPSO (Floating Production Storage Offloading) vessel and started to build LNG Carriers, LPG carriers and PCTCs (Pure Car & Truck Carrier). Furthermore, the company increased the capability of ship building up to 50 ships per year by constructing a mega size floating dry dock. 3 years later in 2009, Hyundai Samho Heavy Industries recorded an outstanding $3 billion of overseas sales. At the same year, the company has built a 30 million CGT ship in the shortest time period among the entire shipbuilding industry.
Hyundai Samho Heavy Industries now has 2 mega docks and an additional floating dock which can produce approximately 50 ships annually (4.3 Million GT), 5 Goliath Cranes including cranes of maximum lifting limit of 1200 tonnes and 900 tonnes. According to Clarkson Research, Hyundai Samho Heavy Industries is apparently the 5th largest shipbuilding company in the world. The company not only possess world class painting shops but also have obtained ISO 9001 and ISO 14001 certificates.
Hyundai Samho Heavy Industries has two major divisions - Ship Building and Industrial Equipment. The Ship Building division mainly produces Tankers, Bulk carriers, Container ships, Gas and Chemical carriers (mostly LNG carriers). The Industrial Equipment division manufactures industrial transportation equipment such as goliath cranes and container offloading cranes. The company is also participating in the Panama Canal Locks rebuilding project since 2010.
Hyundai Samho Heavy Industries has total of 3 docks. The 1st Dock(504 x 100 x 13m) can produce up to 800,000DWTs, 2nd Dock(594 x 104 x 13m) 1,000,000DWTs and No.1 Berth Dock(335 x 70 x 24m) which is the Floating Dock 500,000DWTs. The length of the Docks total up to 2.1 km while average depth is 12m. 5 Goliath Cranes are in operation. Two 600 tonne cranes are at the 1st Dock, two 900 tonne cranes at 2nd Dock, one 1200 tonne mega crane at the No.1 Berth Dock.
Fully operating the 3 docks can build up to 50 ships annually. (1 ship in 8 days) To build one ship takes approximately 20 to 24 months, including Contract, Ship Designing, Keel Laying, Launching, Delivery, After Service and so on. Most of the materials are Hi-Ten Steel Plate and Mild Steel Plate. The 3 largest suppliers are Posco, Dongkuk Steel and Hyundai Steel.
Since 1999, the company has built 46 Bulk Carriers (6,087,244 DWT), 134 Tankers (23,722,329 DWT), 83 Containerships (6,356,184 DWT), 4 LPG Carriers (224,272 DWT), 3 LNG Carriers (254,800 DWT), 10 PCTC Carriers (238,754 DWT) and a FPSO (321,300 DWT).
The Industrial Equipment Division was originally a subdivision of Hyundai Heavy Industry(HHI). Hyundai Samho Heavy Industry(HSHI) has taken over the division in 1 FEB 2004. Industrial Equipment division has produced over 1,200 cranes so far (since 1973). Its main products are Bulk Transporting facility, Wharf & Yard Cranes for ports, Goliath Cranes & Overhead Cranes for Steel plants or Power plants.
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