Hyundai Samho Heavy Industries Completes Supplying Key Parts to Third Sets of Locks of the Panama Canal
Seoul, South Korea – June 22 – Hyundai Samho Heavy Industries (HSHI), an affiliate shipbuilding company of Hyundai Heavy Industries (HHI), announced today that it completed its work of supply, installation and construction of a total of 20,000 tons of key equipment for the Third Sets of Locks for the Panama Canal on the Pacific and Atlantic side.
In 2010, HSHI won an order worth $210 million to provide 158 units of valves, 158 sets of hydraulic power unit and cylinder, 84 units of bulk heads, and trash racks, which are key components for reliably managing water level of the new locks. The newly-expanded Panama Canal is due to be formally opened on June 26.
The completion of the Third Sets of Locks for the canal will allow the passage of the Post Panamax vessels with a capacity of up to 14,000 TEUs, a length of 366 meters, a width of 49 meters and a draught of 15 meters.
HSHI’s work was handled by its Industrial Plant & Crane Division that was transferred from HHI in 2004, one of its core business divisions that generated annual sales of about 100 billion Korean won with an operating margin of over 10%.
An HSHI official said, “We take pride in the fact we played a role in changing the landscape of the world sea-borne trade with the completion of the Third Sets of Locks. We won’t stop here and we will continue to push ahead with unrelenting innovations to sharpen our competitiveness in this sector to bring more value for our clients.”
Photo: Aerial View of Third Sets of Locks of the Panama Canal on the Pacific Side