All Endowed

HJ Shipbuilding Moves to Acquire HD Hyundai’s Gunsan Yard in Major Expansion Push

HJ Shipbuilding & Construction is set to take over the Gunsan shipyard from HD Hyundai Heavy Industries, a move that could significantly expand its capacity to build larger vessels. The agreement, confirmed through a filing by HD Korea Shipbuilding & Offshore Engineering, includes the transfer of the shipyard’s land, facilities, and equipment, with EcoPrime Marine Pacific becoming the main shareholder in the project.

Located in Gunsan National Industrial Complex in North Jeolla Province, the yard spans about 1.8 million square meters. Built in 2010, operations were suspended in 2017 due to a downturn in shipbuilding demand before partially resuming in 2022. Currently used mainly for block production of around 100,000 tonnes annually, the facility has major infrastructure including a 700-meter dock, a 1,650-tonne Goliath crane, and 1.4 km of quay wall, with capacity to build roughly a dozen capesize bulk carriers per year.

Under the arrangement, HD Hyundai Heavy Industries will continue using the yard for block manufacturing for about three years after the sale while also providing design services, automation support, and smart-yard technology to assist HJ Shipbuilding in running the facility.

For HJ Shipbuilding & Construction, the acquisition marks a major strategic step beyond its traditional operations at the Yeongdo shipyard, where dock size has limited vessel construction. The expanded facility could enable the company to build larger ships, following its recent order for 10,000-TEU container vessels from a European owner. Industry analysts also note the yard could support specialized shipbuilding, repair work, and potential naval maintenance linked to future international cooperation. ⚓🚢

Viking Supply Ships Strengthens Fleet with Modern Ice-Class AHTS

Swedish offshore vessel owner Viking Supply Ships has agreed to acquire the 2019-built anchor-handling tug supply (AHTS) vessel Maersk Maker as part of its strategy to expand its fleet of ice-class offshore ships.

The vessel is being purchased from investment firm Kistefos, which had earlier agreed to acquire the ship from Maersk Supply Service in August last year. Viking Supply Ships will take over the vessel under the same terms agreed between the previous parties.

Delivery of the vessel is expected by the end of March 2026, while technical and commercial management will be handled by Sea1 Offshore from April.

With this acquisition, Viking Supply Ships will expand its fleet to eight AHTS vessels, reinforcing its position in the offshore support market. 🚢

Hormuz Crisis Sends Shipping Rates to Historic Highs

The ongoing conflict between Iran and the US-Israeli coalition has begun to reshape global shipping economics, pushing freight rates and oil prices sharply higher while creating deep uncertainty across maritime trade. As the conflict enters its tenth day, the disruption around the Strait of Hormuz—one of the world’s most critical oil transit routes—has triggered both record earnings for ships and growing fears of prolonged market instability.

The Clarksea Index, a global benchmark for commercial shipping earnings, surged to an all-time high of $53,319 per day, more than double the 2025 average of $26,836. At the same time, oil prices climbed above $115 per barrel, the highest since 2022, as energy facilities across the Middle East declared force majeure due to the escalating tensions.

In the tanker market, rates briefly reached extraordinary levels. The VLCC Kalamos secured a record $770,000 per day charter from Bharat Petroleum, highlighting the sudden supply disruption. However, analysts warn the boom may not last if the Strait of Hormuz remains blocked for an extended period. Reduced oil exports could eventually shrink cargo volumes and weaken tanker demand.

Shipping experts also predict that vessels unable to operate in the Persian Gulf will shift toward the Atlantic basin, potentially flooding that market and driving rates down. Broker reports describe the current situation as unsustainable, warning that oil producers may be forced to cut production if export routes remain restricted.

The crisis has also brought serious safety concerns. A tug assisting the attacked Safeen Prestige containership was itself targeted, resulting in the deaths of at least four seafarers. The Secretary-General of the International Maritime Organization, Arsenio Dominguez, condemned the attacks and urged all parties to respect international law and protect seafarers.

Insurance shortages have further paralysed shipping in the region. To address this, the United States announced a $20 billion war-risk reinsurance facility through the U.S. International Development Finance Corporation, offering coverage for vessels operating in the high-risk area. The initiative was unveiled by DFC chief Ben Black alongside Treasury Secretary Scott Bessent, with additional security support promised by Donald Trump if naval escorts become necessary.

Overall, while the conflict has temporarily boosted freight earnings, analysts warn that prolonged disruption could eventually reduce oil flows, destabilize global trade routes, and reverse the current shipping rate surge.