Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
This filing details Hanwha Ocean’s decision to provide a KRW 180B debt guarantee in the form of a responsible completion commitment for the Ulsan liquid cargo tank terminal expansion project, covering potential damages if construction is not completed by the agreed deadline.
📊 [Key Disclosure Highlights & Summary]
- Filing Type: Decision on Guarantees for Debt of Others
- Debtor: Hyundai Oil Terminal Ulsan Co., Ltd. (Relationship: None / Established in 2024, financial summary omitted)
- Creditors: Korea Investment & Securities Co., Ltd., Kyobo Life Insurance Co., Ltd.
- Debt (Borrowing) Amount: KRW 180,000,000,000 (Based on principal loan amount)
- Guarantee Amount: KRW 180,000,000,000 (Set up to the loan agreement limit)
- Total Equity: KRW 4,312,157,120,697 (Based on FY2023 consolidated financial statements)
- Guarantee-to-Equity Ratio: 4.2%
- Guarantee Period: December 31, 2024 – September 25, 2026 (Start date is scheduled commitment date; end date is completion deadline)
- Total Outstanding Guarantee Balance: KRW 27,149,820,981 (Excluding this transaction)
- Board Resolution Date: November 21, 2024 (All 5 Outside Directors present, Auditors present)
[PF and Outstanding Guarantee Details]
- PF Type & Amount: ABS KRW 180,000,000,000
- Existing Guarantee Balance Breakdown:
- Hanwha Ocean Global Project Center B.V. (Affiliate): KRW 431,100,981 (Aug 23, 2024 – Mar 02, 2025)
- Hanwha Drilling LLC (Affiliate): KRW 26,718,720,000 (Sep 26, 2024 – Sep 25, 2026)
- Other Material Notes:
- Guarantee provided in connection with the company’s role as contractor for the “Ulsan Liquid Cargo Tank Terminal Expansion and Operation Project.”
- The obligation involves compensating for damages in the event of failure to meet the completion deadline; the obligation terminates upon successful completion.
- An amended disclosure will be filed regarding the start date upon final agreement execution.
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Project Completion and Execution Progress
This debt guarantee represents a performance commitment as a contractor rather than a direct loan guarantee, making it essential to monitor whether construction proceeds on schedule toward timely completion. Tracking this milestone is critical because fulfilling the completion commitment eliminates potential contingent liability risks, whereas delays could trigger indemnity obligations. Relevant operational progress and project updates can be verified through future regular financial reports (Quarterly, Semi-Annual, or Annual Business Reports) or subsequent official public disclosures.
📢 Disclaimer & Source Notice
Source: This content was newly structured based on official data submitted to the Financial Supervisory Service’s DART system.
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