Hyundai Heavy Industries Co Ltd

BW LPG Limited, the world's leading owner and operator of LPG vessels, has successfully placed an offering of USD 300 million senior unsecured convertible bonds due 2031, convertible into new shares of the Company. The net proceeds will partly finance the newbuild program with Hyundai Heavy Industries for eight Panamax VLGCs, and for general corporate purposes. The bonds carry a fixed coupon of 2.25% per annum, payable semi-annually, with an initial conversion price of USD 30.4870 per share, representing a 40% premium over the reference share price. Concurrently, a placement of existing shares was conducted to hedge market risk for certain bond subscribers, from which the Company received no proceeds. Settlement is expected on or around 9 September 2026.

HD Hyundai Heavy Industries has signed a contract with U.S.-based energy infrastructure developer Corban Energy Group to supply power generation systems for data centers operated by a major U.S. technology company. The deal, valued at USD 673.8 million, covers a combined capacity of 1,000 megawatts using the company's 9.6-megawatt HiMSEN engines and marks its largest-ever order for power generation engines. This follows a previous USD 425 million agreement in April with another U.S. developer, AEG, for similar data center power equipment. The company highlighted the HiMSEN engine's high efficiency and reliability for continuous operation, and said it plans to expand cooperation with Corban Energy Group on future projects.

HII and HD Hyundai Heavy Industries are advancing their strategic partnership with a pilot program to implement additional intelligent mechanized welding equipment at HII’s Ingalls Shipbuilding division. The pilot deploys intelligent mechanized welding systems in unit-fabrication areas that currently rely predominantly on manual welding, making the process safer and more efficient. The system automatically recognizes workpieces and welding conditions, corrects welding positions in real time, and captures process data for quality control and traceability. Ingalls Shipbuilding President Brian Blanchette said the pilot extends automation further into the production process and to a greater share of the workforce, while Dr. Won-ho Joo, chief executive of the Naval & Special Ship Business Unit at HHI, noted the program reflects strengthening partnership and open technical collaboration. The initiative grew out of a three-day technical exchange at Ingalls where the companies evaluated shipbuilding technologies and automation opportunities.

South Korea's composite stock index closed up 1,001.89 points, or 17.91%, at 6,595.45, marking the strongest single-day surge in history and shattering the previous record of an 11.95% jump on October 30, 2008. The rally was fueled by strength in semiconductor stocks after Microsoft reported better-than-expected second-quarter 2026 earnings, with both sales and cloud computing growth exceeding forecasts. Samsung Electronics soared 26.81%, SK hynix surged 29.95%, Hanmi Semiconductor jumped 27.98%, and SK Square climbed 29.91%. Automaker and shipbuilder stocks also posted strong gains, with Hyundai Motor up 10.54% and HD Hyundai Heavy Industries rising 7.37%.

Tsakos Energy Navigation has ordered a second LNG carrier at Hyundai Heavy Industries in South Korea, with delivery expected in the first quarter of 2029. This brings the company's newbuilding program to 20 vessels, the first of which, the DP2 shuttle tanker Anfield DP, is scheduled for delivery in late July 2026 with a minimum 10-year employment to a U.S. oil major. TEN's President and COO George Saroglou stated the company is delighted to expand its presence in the LNG sector, citing growing global energy demand. The company's diversified pro-forma energy fleet currently consists of 83 vessels exceeding 11 million deadweight tons.