Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Ocean has filed a corrected disclosure updating the start date of its KRW 180.0B debt guarantee (indemnification obligation in case of failure to achieve completion) for Hyundai Oil Terminal Ulsan Co., Ltd. from December 31, 2024, to January 14, 2025.
📊 [Key Disclosure Details & Financial Highlights]
- Correction Classification: Corrected Filing (Report)
- Correction Filing Date: December 26, 2024
- Original Disclosure Document & Date: Decision on Debt Guarantee for Others (November 21, 2024)
- Reason for Correction: Change in start date of guarantee period
- Major Corrected Items:
- Guarantee Period Start Date: December 31, 2024, before correction → January 14, 2025, after correction
- Basic Guarantee Details:
- Debtor: Hyundai Oil Terminal Ulsan Co., Ltd. (Relationship: N/A)
- Creditors: Korea Investment & Securities Co., Ltd., Kyobo Life Insurance Co., Ltd.
- Debt Amount: KRW 180,000,000,000 (KRW 180.0B)
- Guarantee Amount: KRW 180,000,000,000 (KRW 180.0B / Set up to the loan agreement limit)
- Total Equity: KRW 4,312,157,120,697 (approx. KRW 4.31T, as of FY2023 consolidated financials)
- Guarantee Amount to Total Equity Ratio: 4.2%
- Guarantee Period: January 14, 2025 – September 25, 2026 (Start Date: Scheduled commitment execution date / End Date: Scheduled completion deadline)
- Total Remaining Guarantee Balance: KRW 27,149,820,981 (approx. KRW 27.1B, excluding this disclosure)
- Board Resolution Date: November 21, 2024 (All 5 Outside Directors attended)
- Project Financing (PF) & Other Important Notes:
- PF Type: ABS KRW 180,000,000,000 (KRW 180.0B)
- Relates to damages liability if completion is not fulfilled for the “Ulsan Liquid Cargo Tank Terminal Expansion and Operation Project” as a contractor; liability ceases upon completion
- Debtor entity was newly incorporated in 2024; summary financial statements are omitted
- Related Disclosure: November 21, 2024 (Decision on Debt Guarantee for Others)
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Verification of Guarantee Start Date Revisions and Subsequent Filings
This correction filing notifies the market that the start date of the debt guarantee period regarding the completion commitment for Hyundai Oil Terminal Ulsan Co., Ltd. was updated to January 14, 2025. Verifying that the adjusted guarantee terms are properly reflected and tracking whether any subsequent correction disclosures regarding terms or timeline adjustments are filed is essential for following the progress of the guarantee commitment. Related details can be verified in upcoming official regular filings, including Quarterly, Half-Yearly, and Annual Reports.
📢 Disclaimer & Fact Source
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