Source Fact: Financial Supervisory Service DART / 2024-12-26
Disclosure Type: Decision on Debt Guarantee for Others
💡 3-Second Summary
Regarding the KRW 180 billion project financing (PF) debt guarantee provided by Hanwha Ocean for the Ulsan Tank Terminal expansion project in which it participates as a constructor, the commencement date of the guarantee period has been amended from December 31, 2024, to January 14, 2025.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Amendment Details: The commencement date for the performance-based debt guarantee regarding the target project’s debt procurement of Hyundai Oil Terminal Ulsan Co., Ltd. has been adjusted.
- Guarantee Period Amendment: (Before) 2024-12-31 ~ 2026-09-25 → (After) 2025-01-14 ~ 2026-09-25
- Debt Guarantee Particulars:
- Debtor: Hyundai Oil Terminal Ulsan Co., Ltd. (Newly incorporated entity in 2024)
- Creditors: Korea Investment & Securities Co., Ltd., Kyobo Life Insurance Co., Ltd.
- Debt Guarantee Value: KRW 180,000,000,000 (KRW 180B)
- Proportion to Equity: 4.2% of the controlling company’s (Hanwha Ocean) consolidated total equity.
- PF Type: Asset-Backed Securities (ABS) formulation totaling KRW 180 billion.
- Nature of Guarantee: As the constructor, Hanwha Ocean bears an obligation for indemnification if it fails to complete the construction within the specified completion commitment date. The indemnification obligation terminates upon successful completion. The guarantee amount is capped at the maximum loan agreement threshold.
- Additional Note: The disclosure does not state the explicit background for this commencement shift, noting only that the start date represents the scheduled completion commitment commitment date and the expiry date corresponds to the final deadline for construction completion. The total outstanding balance of debt guarantees held by Hanwha Ocean, excluding this specific application, is KRW 27,149,820,981.
📈 2. [Expert View: Significance for Investors]
This amendment disclosure covers a standard schedule calibration within the project financing structure of the Ulsan liquid cargo tank terminal expansion and operations project, where Hanwha Ocean serves as the general constructor providing a completion guarantee. While the ultimate deadline for completion obligations (September 25, 2026) remains firmly fixed, the initial activation date has been deferred by approximately two weeks.
The original disclosure does not address internal drivers for this commencement shift or define any underlying financial pros and cons derived from the delay. Given that the expiry deadline remains unchanged despite the shift in the start date, there is no verified baseline for investors to assume project disruptions or escalated risk vectors. Investors should focus strictly on the structural fact that the guarantee liability window opens in mid-January 2025, and evaluate the operational development on an objective factual basis as the project progresses toward execution.
📝 Editor’s Comment (by K-STOCK Editor)
This update clarifies that the execution threshold for Hanwha Ocean’s KRW 180 billion PF completion guarantee has shifted its activation timeline to January 14, 2025. With this operational commencement date being pushed forward, readers should simply note that the primary implementation phase of the financing framework and the construction commitment is operating on a slightly adjusted tracking path compared to the initial projections.
However, the disclosure text avoids detailing the specific causes or administrative adjustments behind this two-week shift. Consequently, readers must exercise caution and avoid drawing speculative positive or negative inferences from this minor recalibration. As noted in the documentation, this change is tied to the alignment of the targeted completion commitment timeline; therefore, the core checkpoint for market watchers will be monitoring whether actual construction advances smoothly toward fulfillment within the unchanged final deadline.
📢 Disclaimers and Source Information
Source: This content has been newly structured and written based on official data submitted to the Financial Supervisory Service’s Electronic Disclosure System (DART).
Investment Risk Notice: This content is provided solely for informational and linguistic reference purposes. Under no circumstances does it constitute financial advice or a recommendation to buy or sell specific stocks. All investment decisions and financial responsibilities rest entirely with the investor.
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